Finance & Fury Podcast

Welcome to Finance and Fury You might have seen the budget that came out last week – in this episode we will be looking at the bringing forward of the tax cut – but also using this as an opportunity and what to do with it The budget and the tax cuts – The Government passed its Budget tax cuts last Friday, after bringing forward major cuts slated for July 2022 to July 2020 So this tax cut will be back dated –people will get a refund at tax time or the PAYG will be adjusted for lower taxes for the rest of the FY Around 11.6 million Australians are set to get some benefit There are about 12.6m employed people in Australia – so this affect the majority of the working aged population Obviously if you earn less than the $18,200 threshold – you don’t pay any taxes so when taxes are cut – cause you don’t pay any taxes you don’t get a reduction in what you pay – if you pay nothing then it is hard to reduce this beyond zero Who will be affected – based around the taxable income thresholds Earning up to $37k – tax