The thought of more money on their pockets are expected to welcome Aussie workers today as the tax cuts come into effect with the Tax Office declaring that starting this financial year, even same-sex couples would be able to enjoy the same tax concessions provided to married and de-facto heterosexual unions.

CommSec economist Savanth Sebastian estimates that overall tax cuts should reach a whopping $3.8 billion a year, stressing that "there are some winners out of the new financial year and it comes down to the fact that personal tax rates will be cut."

Mr Sebastian said that an employee who fetches $50,000 a year should be able to save $6 a week while those earning $100,000 would get about $10 each week, with those taking in $150,000 bound to collect extra $20 per week.

Yasser El-Ansary of the Institute of Chartered Accountants said that the cuts seemed to be modest at the onset but he is confident that more tax reductions would be implemented by the government in the years to come.

Mr El-Ansary said that the tax reforms that would begin this July 1 were poised to deliver benefits to up to 7 million taxpayers, adding that "on average each of those taxpayers will get about a $500 saving in their tax bill every year."