Federal budget 250 Payment

The Morrison government's pre-election budget has a few, one-off payments for Australians to help with the cost of living. Most people will get something, ...

questioned the Australia Institute's chief economist Richard Denniss. However, the largest tax cuts will go to the highest-income earners, and Labor has committed to keeping them. According to the Morrison government, the changes will see around 95 per cent of taxpayers facing a marginal tax rate of no more than 30 per cent from 2024-25. - lower the 32.5 per cent marginal tax rate to 30 per cent, leaving all earnings between $45,001 and $200,000 facing a marginal tax rate of 30 per cent. The government has chosen to phase out the so-called Low and Middle Income Tax Offset (LMITO), but it will increase the payment for everyone, by $420, for its last year of operation. The payment will be given to eligible recipients of the following schemes, and to concession card holders: