{"id":667144,"date":"2026-05-13T01:04:09","date_gmt":"2026-05-13T01:04:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/667144\/"},"modified":"2026-05-13T01:04:09","modified_gmt":"2026-05-13T01:04:09","slug":"tax-cut-calculator-how-much-could-the-2026-federal-budget-measures-save-you","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/667144\/","title":{"rendered":"Tax cut calculator: How much could the 2026 federal budget measures save you?"},"content":{"rendered":"<p class=\"paragraph_paragraph___QITb\">Treasurer Jim Chalmers mentioned a string of &#8220;tax cuts&#8221; in his federal budget speech, talking up how the measures could put more money into the pockets of working Australians. \u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">These are not payments that will be paid into your bank account, but will instead filter through as savings at tax time.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\"><a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-05-13\/federal-budget-2026-live-chalmers-albanese-may-13\/106673062\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/106673062\" rel=\"nofollow noopener\" target=\"_blank\">Federal budget 2026<\/a>: Stay up to date with the budget aftermath in our live blog.<\/p>\n<p class=\"paragraph_paragraph___QITb\">And how much those measures could save you depends on your individual circumstances.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">We have put together a calculator to help you work out how much income tax you could save thanks to the following measures:<\/p>\n<p>tax bracket changesinstant tax deduction for work-related expensesthe Working Australians Tax Offset (WATO)<\/p>\n<p class=\"paragraph_paragraph___QITb\">But keep in mind that you will not start seeing those savings until you file your tax return next year.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">And it is worth remembering the $250 WATO boost does not come into effect until 2028.<\/p>\n<p class=\"paragraph_paragraph___QITb\">It&#8217;s also worth noting there are wider changes to the tax system in the budget too \u2014 especially for <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-05-12\/budget-2026-government-breaks-promise-negative-gearing-cgt\/106669860\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/106669860\" rel=\"nofollow noopener\" target=\"_blank\">capital gains tax, negative gearing and trusts<\/a>. Those changes are not included in this calculator, which instead focuses on income tax.<\/p>\n<p class=\"paragraph_paragraph___QITb\">When creating this calculator, we excluded the income tax savings introduced last financial year (2024-25) and changes to the Medicare levy, which changes depending on your age, family status, and how many children you have.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">Here is what we did include in the calculator:<\/p>\n<p>Next financial year (2026-27):The 16 per cent tax bracket dropping to 15 per centAddition of instant tax deduction of up to $1,000 for work-related expensesThe financial year after (2027-28):The 15 per cent tax bracket dropping to 14 per centContinuation of the instant tax deduction of up to $1,000 for work-related expensesAddition of the $250 Working Australians Tax OffsetLoading&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"Treasurer Jim Chalmers mentioned a string of &#8220;tax cuts&#8221; in his federal budget speech, talking up how the&hellip;\n","protected":false},"author":2,"featured_media":667145,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[322080,322079,322081,321900,64,63,1480,322077,88374,322078,44,322076,134487,322075],"class_list":["post-667144","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australia","tag-1000-payment","tag-1000-tax-deduction","tag-250-payment","tag-2026-federal-budget","tag-au","tag-australia","tag-budget","tag-calculator","tag-federal-budget","tag-instant-tax-deduction","tag-news","tag-tax-cut-calculator","tag-tax-cuts","tag-working-australians-tax-offset"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/667144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=667144"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/667144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/667145"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=667144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=667144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=667144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}