Federal Budget 2021: Calculate what tax cuts you will get based on your income

More than 10 million Aussies can expect tax cuts. Here’s how much you could be taking home next financial year.

Tax cuts worth up to $2160 for couples have been extended with the tax rebate known as “The Lamington” extended in Tuesday’s budget.

The temporary tax relief has been extended for another year at a cost of $7 billion and the offset is payable when you lodge your tax return.

It’s worth up to $1080 for singles earning under $126,000 and $2160 for couples on low and middle incomes.

Tradies, teachers, truckies, farmers and nurses on low and middle incomes will score a $1080 tax cut in the budget that will also deliver a massive extension of tax breaks to buy a new ute or machinery.

The biggest tax break in the budget is an extension of an existing JobMaker scheme to allow businesses to write off the full value of any asset they purchase.

The extension of the JobMaker scheme for another year will deliver a stunning $20 billion in tax relief over the next four years, 10 times the value of the modest new spending of $1.7 billion on childcare.