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Low-income earners in Australia are set to benefit from changes to the stage three tax cuts, as part of a new plan to be presented to the federal cabinet. The proposed changes would abolish the $120,001-$180,000 tax bracket and tax those earning between $45,000 and $200,000 at 30%, instead of the current range of 32.5% to 45%. The top tax bracket may also be lowered to $180,000, with the saved funds being redistributed to lower-income earners, potentially through an increase in the tax-free threshold. All taxpayers would receive a tax cut if the plan is approved.

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