Beginning July 1st, a tax cut of $10 million for workers will begin under the new Turnbull government plan to win back middle Australia and prepare for an election.
The tax cut will take place over seven years and will create a single low rate of just 32.5 per cent for workers earning between $41,000 and $200,000 a year.
The overhaul is the centerpiece of a budget that forecasts a slim surplus of $2.2 billion in 2019-20.