Delivered: Tax relief for Wide Bay
Immediate tax relief of up to $1080 each will help more than 50,000 Wide Bay low- and middle-income earners from next week, Federal Member for Wide Bay Llew O’Brien announced today.
“The Liberal and Nationals Government promised to build a better tax system, and we are now delivering on that promise by providing more tax relief for people in Wide Bay,” Mr O’Brien said.
“This will ensure low and middle income earners in Wide Bay will keep more of what they earn and have more money in their pockets. This is money they will use to pay their bills and spend in local businesses, which will be good for them and for the economy.
“People who earn up to $126,000 will receive up to $1,080, and dual income couples will receive up to $2,160.”
The tax package provides a further $158 billion in tax relief, building on the already legislated Personal Income Tax Plan that we announced in the 2018-19 Budget.
The Government has also locked in the benefits of low and middle income tax relief by increasing the top threshold of the 19 cents in the dollar tax bracket from $41,000 to $45,000 and by increasing the low income tax offset from $645 to $700 in 2022-23.
In combination with the legislated removal of the 37 per cent tax bracket in 2024-25, the Government is delivering structural reform to the tax system by reducing the 32.5 cents in the dollar tax rate to 30 cents in the dollar.
“Together, these tax relief measures will create a better tax system with improved incentives for the hard workers in Wide Bay,” Mr O’Brien said said.
“It will also ensure that 94 per cent of Australians will face a marginal tax rate no higher than 30 cents in the dollar in 2024-25.
“At the election in May, the people of Australia voiced their loud and clear support for our comprehensive tax package. They supported a tax system that rewards aspiration and encourages effort, and I am pleased that we have delivered it.
“Lower taxes are part of the Morrison Government’s plan for a stronger economy.”