Federal Budget Tax Cuts much bigger than first thought, delivering cuts up to $11,800.

Scott Morrison did his best at explaining the tax cuts on budget night but how many Australians understood exactly what it means to them? With talk of the Low Income Tax Offset, marginal tax rates changing, and then completely abolishing one of marginal tax rates over a 7 year plan, the only number most can remember is a $10 a week benefit.

Take a closer look at the 7 year tax plan and the cuts are much bigger delivering tax cuts of up to $11,815 for some Australians.

Here is a cheat sheet to see what your tax cut will be.

Annual taxable	From	From	From	Total
income level	2018-19	2022-23	2024-25	Benefit over
Benefit Period	4 years	2 years	1 year	7 years
20,000	–	–	–	–
30,000	200	200	200	1,400
40,000	290	455	455	2,525
50,000	530	540	540	3,740
60,000	530	540	540	3,740
70,000	530	540	540	3,740
80,000	530	540	540	3,740
90,000	665	675	675	4,685
100,000	515	1,125	1,125	5,435
110,000	365	1,575	1,575	6,185
120,000	215	2,025	2,025	6,935
130,000	135	2,025	3,475	7,065
140,000	135	2,025	2,925	7,515
150,000	135	2,025	3,375	7,965
160,000	135	2,025	3,825	8,415
170,000	135	2,025	4,275	8,865
180,000	135	2,025	4,725	9,315
190,000	135	2,025	5,975	10,565
200,000	135	2,025	7,225	11,815

All figures represent dollars.

Why not increase the financial savviness of those around you – pay it forward and pass on these tips to your family, friends and kids.

Olivia Maragna is the co-founder of Aspire Retire Financial Services and is a respected financial expert. Olivia’s advice is general in nature and readers should seek their own professional advice before making any financial decisions.

You can follow Olivia on Facebook or Twitter at https://twitter.com/oliviamaragna

Federal Budget Tax Cuts much bigger than first thought, delivering cuts up to $11,800.

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