Original article by Phillip Coorey
The Australian Financial Review – Page: B1 & B2 : 9-May-18
The Federal Government’s May 2018 Budget is underpinned by plans to progressively phase in personal income tax cuts over seven years. The threshold for the 37 per cent marginal tax rate will be increased from $A87,000 to $A90,000 on 1 July. This will in turn be increased to $120,000 from 1 July 2022, with all income below this threshold to be taxed at 32.5 per cent. This tax rate will then apply to incomes between $A41,000 and $A200,000 from 1 July 2024. The income tax cuts are forecast to cost $13.4bn in the first four years and $A140bn in total over 10 years.
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, STANDARD AND POOR’S FINANCIAL SERVICES LLC