More than 2.1 million taxpayers have received their refunds, with an average refund of $2,490.
“The injection of over $5.3 billion into the economy is welcome news during the current COVID-19 pandemic,” Assistant Treasurer Michael Sukkar said.
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The LMITO was extended in the May Federal Budget, which means taxpayers will receive another offset after lodging their tax returns in July 2022, in addition to this year’s offset.
Taxpayers looking for help with their tax returns should consider reaching out to the ATO’s Tax Help program, Sukkar added.
“Australians should be confident in the Government’s plan for economic recovery and support for individuals and families across the country,” Sukkar said.
Coupled with a potential slide backwards in either the March or December quarter, Australia would technically have entered recessionary territory.
The Sydney lockdown is estimated to have already cost $1 billion a week, according to CommBank analysis. That increases to a $2 billion weekly loss without the construction industry operating.
This lockdown isn’t set to end until the end of August at the earliest, reducing Australia’s most populous city to a standstill. The four week extension is tipped to cost the Federal Government $2 billion in income support alone.
Additionally, support was extended to include Centrelink recipients who also work, with those workers to receive an additional $200 a week on top of their regular income support.