MORE than 210,000 Gold Coast taxpayers are expected to benefit from the Turnbull Coalition Government’s low and middle income tax cut, starting from July 1 which was passed in parliament.
Local MP Steven Ciobo said Gold Coasters will be paying less tax, and will be rewarded for their hard work both now and into the future.
“Taxes in Australia will now be lower, fairer and simpler. Gold Coasters and their families will benefit from tax relief of up to $530 in 2018-19,” Mr Ciobo said.
“This is a win for all working Australians who want to get ahead. You will have the certainty that when you earn more, get a pay rise or work more hours, you won’t face ever-increasing tax rates.
“Under our plan, 94 per cent of Australian workers will not face higher marginal tax rate of more than 32.5c in the dollar, with our first priority low and middle income earners because we understand the benefits of a stronger economy have not yet flowed to all.”
Our legislated 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.
“In contrast to the Labor Party, our plan is not about creating winners and losers. We are not putting up taxes on some Australians to pay for tax relief for other Australians,” Mr Ciobo said.
“The Labor Party stands for higher taxes on all Australian wage earners and higher taxes on the businesses that employ them.
“By pledging to reverse steps 2 and 3 of our now legislated tax cuts, Labor has admitted it will rip $70 billion in extra income tax from working Australians’ pay packets over the next ten years. Under Labor, Australians will work for our tax system. We would have Tax Bill Shorten.”
“Under the Government’s legislated plan, the tax system works for all Australians,” Mr Ciobo said.