Find out how much you’ll get from the 2022 Federal Budget with free income tax calculator

Millions of Australians are set to score one-off cash payments and tax offsets. Find out how much you’ll benefit from the budget spending.

Treasurer Josh Frydenberg has promised a suite of measures designed to provide some much-needed relief when it comes to Australians’ cost of living in this year’s federal budget.

Billions of dollars worth of pre-election promises, including one-off cash payments, tax offset boosts and cheaper petrol are set to “put more money in the pockets of millions of Australians” when they hit bank accounts and fuel pumps in the coming weeks and months.

So now that the budget has been released, of course what Australians want to know is what we’ll actually get.

You can find out how much you’re likely to get this year in our budget calculator below

More than 10 million Australians earning less than $126,000 a year will receive a one-off $420 cost-of-living tax offset, in addition to the existing $1080 low and middle income tax offset (LMITO).

That means 10 million Australians already eligible for that payment will now receive up to $1500, and couples will get up to $3000 from July 1 once they lodge their tax returns.

Under the combined cost-of-living tax offset and LMITO, those earning:

– between $90,001 and $125,999 will receive $420 to $1500 (1.9 million people)

– between $48,001 and 90,000 will receive $1500 (4.8 million people)

– between $37,001 and $48,000 will receive $675 to $1500 (1.6 million people)

– up to $37,000 will receive up to $675 (1.8 million people).

Treasurer Josh Frydenberg will deliver pre-election sweeteners promised in his budget in the coming weeks and months. Picture: Mick Tsikas/AAP

Six million welfare recipients will see a one-off $250 “cost-of-living payment” deposited into their bank accounts in the coming weeks.

The tax-exempt payment, which will cost the budget $1.5 billion, will be made automatically to those eligible in April.

While pensioners may feel dudded as workers receive the more generous $420 offset, the government is stressing that income support payments increased by 2.1 per cent in March, benefiting almost five million Australians.

Pensioners and other welfare recipients will get a bonus $250 cost-of-living payment. Picture: NCA NewsWire / Andrew Henshaw

About 12 million taxpayers are set to benefit from lower taxes under permanent tax relief introduced as part third phase of the government’s plan to reshape the tax bracket system.

Tax relief kicking in this year worth $16 billion should see individuals $2565 better off, and $5130 for dual-income couples.

“By putting more money in their pockets, families will keep more of what they earn, allowing them to spend more on what they need. When stage three of the plan delivers further tax cuts in 2024-25, around 95 per cent of taxpayers will face a marginal tax rate of 30 per cent or less. This will simplify the tax system, improve incentives for working Australians and increase reward for effort,” budget documents state.

Petrol is finally set to become cheaper. Picture Dean Martin

Among the most highly anticipated budget announcements if the fuel excise cut, which will see the tax on petrol slashes by half for six months, to 22.1 cents.

After the excise reduction is introduced at midnight tonight, it will take up to two weeks to flow through to lower petrol prices at the petrol pump. When it kicks in, drivers will pay 22 cents a litre less each time they fill up.

Originally published as Find out how much you’ll get from the 2022 Federal Budget with free income tax calculator