KEY POINTS:
Tax cuts promised to Australians in May's Federal Budget come into effect today, just months before the Federal election is due.
Those earning between A$30,000 to A$40,000 will receive tax cuts of about A$1,100 a year.
Federal Treasurer Peter Costello said more income tax cuts are already in the pipeline.
"We're not only cutting tax as of the first of July this year, but we've legislated another tax cut for July 1 next year," Mr Costello said.
- RADIO AUSTRALIA
