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The government has confirmed high-income earners will receive tax relief in Tuesday's budget but they will have to take a back seat to those on lower incomes whose taxes will be reduced from July 1 this year, starting by as little as $5 a week.
While the tax cuts will initially be targeted at low-and-middle-income earners as defined by earning less than $87,000, Finance Minister Mathias Cormann effectively confirmed that over the medium term – several years – people on higher incomes, including those above the $180,000 top tax threshold, would also be targeted.
Read the full article at the Australian Financial Review.