The tax-free threshold will triple from its current limit of $6000 to $18,200 in 2012/13. Those taxpayers earning less than $80,000 per annum will get a tax cut, with most receiving an additional $300 per year.
Good news for those receiving Newstart Allowance with an additional payment to be paid from March 2013. The Supplementary Allowance will be paid in two instalments each year. Eligible singles will receive $210 per annum, with couples receiving $350 per annum.
The Government will make $33.6 billion worth of savings to fund the return to surplus promised in 2012/13. Less than half of these savings will come from taxes.
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