Member for Mackellar Jason Falinski and Member for Warringah Tony Abbott have welcomed the delivery of income tax relief for Australian workers.
“Taxes in Australia will now be lower, fairer and simpler. 130,777 people and their families on the Peninsula will benefit from tax relief of up to $530 in 2018-19,” Mr Falinski said.
“This is a win for working Australians who want to get ahead. When you earn more, get a pay rise or work more hours, you won’t face ever-increasing tax rates,” Mr Abbott said.
The Government’s plan has three steps:
One. 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.
Two. Lifting tax brackets, to protect Australians from the impact of ‘bracket creep’, taking the $87,000 tax threshold to $90,000 in 2018-19 and then to $120,000 in 2022-23. Tax relief provided under the offset in step 1 will also be locked in from 2022-23 by taking the $37,000 tax threshold to $41,000, and lifting the low income tax offset to $645.
Three. Ensuring more Australians pay less tax by making personal taxes simpler, removing an entire tax bracket, that will mean around 94 per cent of taxpayers are projected to face a tax rate of 32.5 per cent or less.
“Unlike Labor, we are not putting up taxes on some Australians to pay for tax relief for other Australians,” Mr Falinski said.
“The Liberal Party stands for lower taxes on all Australian wage earners and lower taxes on the businesses that employ them,” Mr Abbott said.