Tax Savings

These are just my quick calculations.

If on $40,000 you’ll save $950
On $50,000 you save $2,350
On $70,000 you save $2,950
On $100,000 plus the saving is $4,750

The income bracket which gets the largest percentage decrease is $50,000 – their tax will reduce by a whopping 20.7%.

Also those on national super will benefit by $560 for a married couple, as the pension is calculated as a percentage of the average after tax wage.