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Simply, your tax return is a summary of the income you have earned, how much tax you have already paid, and the expenses you ...
From July 1, 2026, the tax rate for the lowest tax bracket will be cut from 16 per cent to 15 per cent. That's one cent less for every dollar you earn between $18,201 and $45,000.
The Australian government's tax take is expected to climb to $735.9billion by 2027-28, up from $645.2billion in 2024-25, making up 23.4 per cent of gross domestic product.