Fuel prices, tax breaks, parental leave: When every Budget policy comes into effect

The Budget reavealed a range of measures but some won't come into effect for months. (Source: Getty)

Last night’s Federal Budget saw a number of new measures introduced to help fight the rising cost of living, help first home buyers and allow for extra paid parental leave.

But not all these measures will happen immediately, for some it will be months until Aussies can reap the benefits.

This is when you can expect to see each change.

$250 one-time cash payment

To help Australians meet cost-of-living pressures, the Government is providing a one-off, income-tax-exempt payment of $250.

This payment will help 6 million people, at a cost of $1.5 billion.

More than half of those who will benefit are pensioners.

It will be paid automatically to all eligible pensioners, welfare recipients, veterans and eligible concession card holders in April 2022.

$420 tax offset

From July 1 this year, more than 10 million individuals will receive a one-off $420 cost-of-living tax offset.

Combined with the low and middle income tax offset (LMITO), eligible low- and middle-income earners will receive a tax offset of up to $1,500 for a single-income household, or up to $3,000 for a dual-income household.

This doesn’t mean you get cash back. It just means your taxable income will be reduced by the amount you're eligible for.

Paid parental leave

The Government is establishing Enhanced Paid Parental Leave (PPL) for Families.

Eligible working parents will be able to share up to 20 weeks of fully flexible entitlements between them.

Changes to PPL, will be introduced no later than March 1, 2023.

Fuel excise cut

From 12.01am on March 30, 2022, the excise rates for petrol, diesel and all other fuel and petroleum-based products - except aviation fuels - will be halved for 6 months.

For petrol and diesel, the rates will be reduced from 44.2 cents to 22.1 cents per litre.

However, Treasurer Josh Frydenberg said in his speech to Parliament the cut would “flow through to the bowser over the next 2 weeks”.

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