Around 28,000 low and middle income earners in Farrer will receive a tax break after the Coalition Government delivered on its promise to build a better tax system.
Legislation passed both houses of Parliament this week, paving the way for the Australian Tax Office (ATO) to begin applying it to tax returns for the 2018/19 financial year.
This will ensure low and middle income earners can keep more of what they earn and have more money in their pockets.
Those earning up to $126,000 in Farrer will receive up to $1,080, and dual income couples will receive up to $2,160.
The tax package also provides a further $158 billion in tax relief, building on the already legislated Personal Income Tax Plan we announced in the 2018-19 Budget.
In combination with the legislated removal of the 37 per cent tax bracket in 2024-25, the Government is delivering structural reform to the tax system by reducing the 32.5 cents in the dollar tax rate to 30 cents in the dollar.
Together these tax relief measures will create a flatter and better tax system, ensuring 94% of Australians will face a marginal tax rate no higher than 30 cents in the dollar in 2024-25.
To estimate how our tax package benefits you, please link here.