Ahead of the election, learn the difference between the major parties' tax plans.
Labor and the Coalition have similar plans in the short-term, but what is proposed to happen after the next two elections paints a different picture.
But Labor leader Bill Shorten thinks the Coalition's plan"does not do enough" for the 2.9 million Australians who earn less than $40,000 per year. This chart, prepared with assistance from the Grattan Institute, highlights the likely changes to income tax bills depending on who wins the election.The change in tax paid for those on incomes below $20,000 per year is very low and therefore this income bracket has been excluded in order to simplify the chart.
The lead-in time of the Coalition's policy is unusual. Budgets only plan in detail four years in advance, but the Coalition's tax plan promises major reform beyond the timeframe of the budget estimates.
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