How much Toowoomba locals will get back from budget tax cut

A University of Southern Queensland finance expert has revealed just how much locals could get back from the Federal Government’s tax cut.

TOOWOOMBA families have been encouraged to spend extra cash they will receive from tax cuts within the local economy.

Under changes announced in the budget on Tuesday night, the Federal Government will bring forward stage two of their tax cut plans, which were meant to come into effect in 2022.

The cuts will apply from July 1 this year, meaning people should notice changes to their pay straight away.

University of Southern Queensland Associate Professor (finance and banking) Peter Phillips said a person or family earning $60,000 a year would be about $1000 better off after these tax cuts.

“With a higher amount, let’s say $100,000, then it’s probably more like $1500 in savings this year,” he said.

“The point of the tax cut is to encourage spending.

“I think from a local perspective, it’s important that people be encouraged to buy local.

“Support local businesses if you can, that’s an important thing to consider.”