Under our plan, income taxes will be lower, fairer and simpler so Australians keep more of what they earn and save.

TAX RELIEF FOR WORKERS

Our personal income tax plan will encourage and reward hard work. It will help families get ahead.

It provides immediate tax relief to workers.

Around 4.5 million workers are getting $1,080 from 2018-19. Around 10 million workers are getting some relief.

We’re making income taxes lower, fairer and simpler. By the time our tax relief plan is fully implemented, 94% of taxpayers will pay no more than 30 cents in the dollar.

The top 5% of taxpayers will continue to pay around one-third of all personal income tax.

TAX RELIEF FOR SMALL BUSINESSES

Tax relief has been delivered for 3.4 million small and medium businesses employing over 7 million Australians.

For businesses with a turnover less than $50 million, the tax rate has been reduced from 30% to 27.5% – the lowest rate in 50 years. We will be further reducing this to 25%.

For unincorporated businesses with a turnover less than $5 million, we have introduced a tax discount of 8% (capped at $1,000). This will further increase to 16%.

The Government has increased the Instant Asset Write-Off to $30,000 and expanded it to medium sized businesses with a turnover under $50 million.

This helps small and medium businesses invest in the machinery and equipment they need to grow.

MAKING MULTINATIONALS PAY THEIR FAIR SHARE

Australia now has some of the strongest multinational tax laws in the world. This includes the Multinational Anti-Avoidance Law and the Diverted Profits Tax.

Since July 2016, the ATO has raised $15.5 billion in additional tax from large companies, multinationals and wealthy individuals through these rules.

STOPPING LABOR’S TAXES

Labor can’t manage money, which means they come after yours.

At the last election, Labor wanted higher taxes – on retirees, housing, income, investments, family businesses, electricity and cars.

Their tax grabs would hurt our economy, put jobs at risk and cost everyday Australians.

Labor can’t be trusted with your money.

Information current as at February 2020