Tax cuts have been flowing into millions of Australians’ bank accounts since July, and more cuts may be coming sooner than you think. Amit a. Friedmann Jr.
Investment group Morgan Stanley has forecast that the Federal Government will bring forward its next round of tax cuts from 2022 to 2020 in an effort to stimulate the economy.
Morgan Stanley’s head of wealth management research, Nathan Lim, said there was “more than a 50 per cent chance” that the tax cuts would come next year.
Mr Lim said the recent tax cut of up to $1080 per person — currently being paid as a lump sum via tax refunds — applied to more than 10 million Australians and cost the Government $7 billion.