When you will see tax cuts in your pay cheque

 

Tax cuts will be flowing for 2.3 million Queenslanders from Monday as the final barriers are removed for the cash to reach people's wallets.

From Monday November 16 the deadline for employers to use the new tax schedules will be reached.

It means workers will be seeing an extra $20 to $50 in their pay packet every week after that, or from whenever their next pay cycle starts.

Everyone eligible for the tax cuts will have received the money by Christmas.

Treasurer Josh Frydenberg says tax cuts will create jobs by freeing up money for people to spend at local businesses. Picture: NCA NewsWire/Gary Ramage
Treasurer Josh Frydenberg says tax cuts will create jobs by freeing up money for people to spend at local businesses. Picture: NCA NewsWire/Gary Ramage

Treasurer Josh Frydenberg said the tax cuts would free up money for Queenslanders, which was projected to create 50,000 jobs across the country.

"Whether it's at your local grocer, mechanic or cafe, more spending means more sales and more sales means more jobs to get a Queenslander working again," he said.

"Thanks to our tax relief, millions of low and middle income workers in Queensland will pay less tax, allowing them to spend more on what matters to them."

Opposition treasury spokesman Jim Chalmers said Labor had supported the tax cuts as they were desperately needed in the worst recession since the Great Depression.

"Tax cuts will help but on their own are no substitute for a proper jobs plan, won't directly help those without work, and won't make up for the Morrison Government's premature cuts to JobKeeper and other supports in the economy," he said.

Opposition treasury spokesman Jim Chalmers says more needs to be done to stimulate the economy and create jobs. Picture: NCA NewsWire/Gary Ramage
Opposition treasury spokesman Jim Chalmers says more needs to be done to stimulate the economy and create jobs. Picture: NCA NewsWire/Gary Ramage

Mr Frydenberg said there had been other measures, including an expanded instant asset write off, and the proposed JobMaker hiring credit.

The hiring credit offers up to $200 a week to an employer if they hiring an unemployed Australian aged under 35.

But it remains uncertain, with several key crossbenchers including Queensland Senator Pauline Hanson arguing that putting an age limit on the scheme was discriminatory.

 

 

 

 

 

 

Originally published as When you will see tax cuts in your pay cheque


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