The Federal Government might bring forward planned income tax cuts, after Treasurer Josh Frydenberg's acknowledgement that plunging most Victorians back into lockdown will cost the economy billions of dollars.
The Federal Government is considering bringing forward planned income tax cuts, after Treasurer Josh Frydenberg's acknowledgement that plunging most Victorians back into lockdown will cost the economy billions of dollars.Income tax cuts may be brought forward as part of the Government's response to COVID-19Greater Melbourne and Mitchell Shire will go into lockdown for six weeks, to deal with a surge in coronavirus cases in the state.
The Government will deliver an update on the economy in two weeks. The Treasurer said the Victorian crisis was being factored in to decisions that were taking place. He also said the Government was considering accelerating the pace of plans to cut personal income taxes."We are looking at that issue and the timing of those tax cuts because we do want to boost aggregate demand, boost consumption, put more money in people's pockets, and that's one way to do it."
The second stage, which is scheduled to begin in July 2022, cuts taxes for people earning between $90,000 and $120,000, and raises the threshold on the lowest tax rate.
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