Tax cuts to flow as long term unemployed queue hits 26-year high
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One-off tax cuts will be delivered to 10 million working Australians in the May budget in a bid to boost the economy amid signs the number of long-term unemployed is rapidly climbing despite the nation’s rebound from the coronavirus recession.
Treasurer Josh Frydenberg is expected to confirm in the May 11 budget that the low and middle income tax offset will be extended for another year at a cost of $7.2 billion.
The government’s Low and Middle Income Tax Offset (LMITO) was the first part of its tax cuts, then kept for the 2020-21 financial year. Josh Frydenberg is expected to extend it again in the May 11 budget.
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