July 5, 2019

Here Come the Tax Cuts

Fantastic news that all 3 stages of the Liberal Party’s proposed tax cuts passed through the Senate yesterday.

The first stage is effective immediately and increases the rebate for low and middle income earners from $530 to $1,080.

The second stage applies from 1 July 2022 and increases the top threshold for the 19% tax rate to $41,000 and increases the threshold from where the 32.5% rate applies from $90,000 to $120,000.

The third stage, which applies from 1 July 2024 reduces the number of tax brackets which will be as follows (exclusive of Medicare):

$18,201 – $45,000 = 19%

$45,001 – $200,000 = 30%

$200,001 + = 45%

Hopefully lower tax rates, lower interest rates, further support for first home owners and an uptick in mining can breathe some new life into the local economy.

Daniel Breheny

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