Aussies say they're paying too much tax

A survey has found 64% of Australians think they pay too much tax, with millennials the most likely to complain.

Research by Finder found almost 13 million Australians believe they pay too much tax each financial year.

According to the study, 80% of millennials feel this way, while 72% of Gen X and 63% of Gen Z do. Only 39% of Baby Boomers feel this way.

Finder said many see the stage 3 tax cuts as a welcome reprieve, with those earning between $45,000 and $135,000 a year to save a further $804.

Sponsored by Macquarie Fixed income ETFs: The opportunity is now

"That means someone earning the median Australian income of $83,200 will get a $1759 tax cut over 12 months, almost double the previous $955 tax cut," Finder outlined.

"Those earning over $200,000 a year will get around $4529 under the new stage 3 tax cuts, instead of $9075 under the old stage 3 tax cuts."

The tax cuts are effective 1 July 2024.