Opinion is divided within federal cabinet whether to extend for another financial year an $8 billion tax-offset for low-and-middle income earners.
Treasurer Josh Frydenberg said on Monday the government had yet to decide whether to roll over thePrime Minister Scott Morrison and Treasurer Josh Frydenberg. They may have to decide between tax cuts and a lift in inflation.But he stressed it was never a permanent measure and it had to be withdrawn eventually.
Labor will not actively advocate for another year of LMITO but nor would it oppose it should the government extend it. But when the tax cuts were brought forward by two years to begin on July 1, 2020, in response to the coronavirus pandemic, the government kept the LMITO for another year, badging it as a support and stimulus measure.Advertisement
Women under 24 were paying 20 per cent less tax, and those aged between 25 and 34 had experienced a reduction of 15 per cent.Asked if he was releasing these figures to soften the ground to end the LMITO, Mr Frydenberg said no decision had been made. However, he stressed it was never designed as a permanent measure.
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