Lower, fairer and simpler taxes delivered in Farrer

Lower, fairer and simpler taxes delivered in Farrer

In passing our Personal Income Tax plan through the Parliament this week, the Government can ensure all Australians paying tax will be better off.

Taxes in Australia will now be lower, fairer and simpler, with over 60,000 tax payers and 40,000 families in Farrer benefitting from the 2018-19 financial year.

Under the plan, 94 per cent of workers will not face higher marginal tax rate of more than 32.5c in the dollar, with the first priority low and middle income earners. Our legislated plan has three steps:

Tax relief for middle and low income earners now. In 2018-19 over 10 million Australians will get tax relief, with 4.4 million Australians receiving the full $530 benefit.

Lifting tax brackets to protect tax payers from ‘bracket creep’, taking the $87,000 tax threshold to $90,000 in 2018-19 and then to $120,000 in 2022-23.

Ensuring more Australians pay less tax by making personal taxes simpler, removing an entire tax bracket, which will mean around 94 per cent of taxpayers are projected to face a tax rate of 32.5 per cent or less.

Australia’s personal income tax system will remain progressive, with those who have the greatest ability to pay continuing to contribute their fair share. Those who have a lower ability to pay will continue to be taxed less, or pay no-net tax.

Under our Government’s legislated plan, the tax system works for all Australians. For full details on the tax package plans link here.