Federal budget: The 10 million Australians who will get a tax cut

More than 10 million Australians will receive up to $1080 in tax rebates over the next 12 months.

The low and middle income tax offset has been extended for a year.

It’s payable when lodging tax returns, and is available to those earning under $126,000.

For businesses, partner at Pitcher Partners, Craig Whatman, says the big budget win is asset write-offs.

“If you’re a business you’ve got the ability for another 12 months to instantly write-off your assets and also to carry back some losses to offset against profits that have been earnt in previous years,” he told Ross and Russel.

Press PLAY below for more budget analysis from Craig Whatman