Income tax cuts will be brought forward for more than 11 million Australian workers after clearing federal parliament.
The laws lump together fast-tracked personal tax cuts and a handful of business tax breaks at a total cost of almost $50 billion.
Workers can expect to see the tax cuts flow through to their pay packets within weeks.
And tax withheld since the start of July will be paid out once people lodge their tax returns for the financial year.
The legislation passed the upper house on Friday after the government capped time for debate.
Prime Minister Scott Morrison said the tax relief would help businesses invest and hire new workers.
“This is the plan that Australians have needed,” he told reporters in Canberra.
“This is the plan that has been legislated, made law in our parliament, in three days.”
The low income tax offset will now be lifted from $445 to $700.
The top threshold of the 19 per cent personal income tax bracket will increase from $37,000 to $45,000 backdated to July 1.
And the top threshold of the 32.5 per cent income tax bracket will rise from $90,000 to $120,000.
Adjustments will be made to ensure taxpayers have the correct amount of tax withheld from their pay going forward.
The low and middle income tax offset will be retained for 2020/21 and received after individuals lodge their tax returns for the financial year.
While Mr Morrison celebrated the speed at which the bill cleared parliament, crossbench senators are furious Labor helped the government push the tax changes through.
Independent senator Rex Patrick admitted he was speaking from an uninformed position as he did not have enough time to scrutinise the hundreds of pages explaining the bill.
Senator Patrick blamed Labor for helping the coalition clear the laws.
Labor was quick to throw its support behind the changes after the federal budget.
Opposition finance spokeswoman Katy Gallagher said the party did not want to get in the way of Australians getting more money.
Greens senators are dismayed the bill won’t be scrutinised by an upper house inquiry.
The minor party attempted to change the bill but its efforts were thwarted.
Greens senator Larissa Waters says the tax package will benefit higher income earners at the same time the government has cut JobSeeker and JobKeeper payments.
“This community deserves better,” she said.