High-income earners will take a $4546 haircut on tax cuts Australians were told had been locked in, but middle-income earners will be up to $804 better off under Labor’s plan to change marginal tax rates.

The amendments to the planned tax cuts due to come into effect on July 1 include foregoing some of the planned tax cuts for workers earning $135,000 to $200,000 a year, and lowering the bottom marginal tax rate from 19 per cent to 16 per cent.