Australian families who put their tax returns in early have been refunded nearly $1.5 billion to help stimulate the sluggish economy.
The New Daily has confirmed that the Australian Taxation Office will deposit another $255 million into workers’ bank accounts on Monday night to finalise 106,000 tax returns.
The new figure is on top of the $1.2 billion in cash paid to workers last week, clearing the backlog of 500,000 tax returns.
In total, 600,000 tax returns have been paid by the ATO since Friday.
Many of those taxpayers will be at least $1080 better off, with workers between $48,000 and $90,000 a year securing the maximum amount.
The total of tax cuts paid out to date has reached $1.5 billion and rising, amid hopes that families will spend the money in local shops and with local tradies.
Assistant Treasurer Michael Sukkar told The New Daily he was delighted to see millions of Australians keeping more of what they earn.
“It is pleasing to see Australians receiving the tax cuts they voted for, in spite of Labor’s opposition,” he said.
“Tax refunds with a value of $255 million will be deposited into accounts this evening.”
While Labor did ultimately vote for the tax cuts in the Senate, the party anguished over the decision and has reserved the right to repeal cuts in future years for high-income earners.
This year’s tax cuts for workers earning under $126,000 a year enjoy bipartisan support from Labor and the policy’s Coalition architects.
Also on Monday, Labor’s treasury spokesman Jim Chalmers stepped up his attack on the Morrison government’s changes to deeming rates for pensioners.
About 600,000 pensioners will secure extra pension payments as a result of the change to the income test arrangements but the majority – 75 per cent – will get nothing.
“The government did nothing for pensioners and now they’re expecting a round of applause for delivering for pensioners something so little after so long,” Mr Chalmers said.
“With an outcome like that, and with an attitude like that from the Treasurer, no wonder so many pensioners are up in arms about the moves that were taken by the government on the weekend.
“Too little, too late, after years of making the kinds of excuses that the Treasurer seems to be making again today.”