What the new tax cuts will mean for you

Australians are in line to reap the benefits of the federal government's $158 billion tax cut package after securing support for it to clear parliament.

How the tax offsets announced in this year's budget in Australia will be received Source: Getty Images

WHAT WILL YOU GET FROM THE TAX PACKAGE?

STAGE ONE:

* A tax offset for people earning low and middle incomes will be doubled for the 2018/19 and 2019/20 financial years.

* The change means singles will get up to $1080, while dual-income families could score up to $2160 each year.

STAGE TWO:

* From 2022/23, the government will lift the upper threshold for the 19 per cent tax bracket from $41,000 to $45,000.

* At the same time, the low income offset will be increased from $645 to $700.

STAGE THREE:

* From July 1, 2024, the 32.5 per cent tax rate will drop to 30 per cent.

* That means all Australians earning between $45,000 and $200,000 will be on the 30 per cent rate.

THE LONG-TERM BENEFIT:

* Over a decade, the government says its plan means someone with an average taxable income of about $60,000 would be more than $15,000 better off.