ABC News examines the main tax changes for individuals that the major political parties are proposing, what they mean for you and the estimated impact on the budget bottom line.
ABC News examines what both major political parties are proposing and their estimated dollar impact on the federal budget.Low and middle income tax offset
Stage 2: From July 1, 2022 the top threshold of the 32.5 per cent tax bracket will be increased from $90,000 to $120,000, providing a tax cut of up to $1,350 per year for taxpayers in this income bracket and above. Increase the upper threshold for the 32.5 per cent marginal tax rate from $87,000 to $90,000 from 1 July 2018: $6.5 billion.
Increase the low income tax offset to up to $645 for taxable incomes up to $66,667 from 1 July 2022: $2.8 billion. But in 2001, under the Howard government, a further concession was created allowing individuals and superannuation funds to receive a cash refund from the Australian Taxation Office if their imputation credits exceeded the tax they owed.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New ABC chairman has history calling out 'problems' with multiculturalismThe media's handling of racism and immigration is a familiar territory for the ABC's new chairman Ita Buttrose | JennieDuke
Read more »
New ABC chairman has history calling out 'problems' with multiculturalismThe media's handling of racism and immigration is a familiar territory for the ABC's new chairman Ita Buttrose.
Read more »
'Media entrapment': One Nation MP Mark Latham lashes at out Al Jazeera, ABCNSW One Nation MP Mark Latham attacks an investigation into the party in which members are secretly filmed discussing softening Australia's gun laws as a do over and media entrapment.
Read more »
Childcare not tax cuts for households, says Liberal backerProminent Liberal Party supporter Tony Shepherd urges the Federal Government to focus on spending that will help productivity in the economy.
Read more »
ATO boss seeks protected tax documents to fight his defamation caseTax commissioner Chris Jordan is taking his own department to court as part of his defence in a defamation case brought against him by Sydney accountant Vanda Gould.
Read more »
Morrison poised to head to election with $70 billion war chest | Sky News AustraliaPrime Minister Scott Morrison is poised to head into the election with a war chest worth up to $70 billion.\n\nSome economists are predicting the government will announce next week that the budget was already in surplus, bringing the Treasury's forecasts forward by a year.\n\nThe news would lay the foundations for a face-off with Labor on taxes and would give the government ground for a big-spending election platform.\n\nThe boost would come as a stark contrast to Labor's $200 billion tax-and-spend platforms.\n\nImage: News Corp Australia\n\n\n\n\n\n
Read more »
‘One for the history books’: ABC’s Get Krack!n bows out with a bangThe tag 'must-watch TV' gets bandied about often, but ABC satire Get Krack!n just gave Australian TV its most searing half-hour in living memory.
Read more »
What do you want to know about Hobart?What have you always wanted to know about Hobart that you'd like an ABC reporter to investigate?
Read more »
Berejiklian Government wins majority in NSW electionABC election analyst Antony Green calls the seat of Dubbo for the National Party, delivering the Berejiklian Government a 47th seat and a majority in the NSW Lower House.
Read more »