The tax and superannuation highlights of Tuesday night’s Budget are summarised below:- Personal income tax measures Immediate tax relief for low and middle income earners The Low and Middle Income Tax Offset will provide a benefit of up to $200 for taxpayers with a taxable income of $37,000 or less. Between $37,000 and $48,000 the offset will increase at a rate of 3 cents per dollar to the maximum benefit of $530. From $90,001 to $125,333 the offset will phase out at the rate of 1.5 cents per dollar. Lifting tax brackets to protect taxpayers from ‘bracket creep’ and eliminating the 37% tax bracket. The following tables summarise the proposed tax bracket changes: