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 low and middle income earners. From 1 July this year, more than 10 million workers will receive a tax offset – with around 4.5 million receiving the full $1,080 offset for 2018-19.
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%.
We are increase the Instant Asset Write-Off to $30,000 and expanding 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 $12.9 billion in additional tax from large companies, multinationals and wealthy individuals through these rules.
A CLEAR CHOICE
Labor can’t manage money, which means they come after yours.
The last thing our economy needs now, is to be hit by Bill Shorten’s higher taxes – on retirees, housing, income, investments, family businesses, electricity and cars.
Labor’s Housing Tax would hit property values, increase rents and hurt Australia’s economy.
Labor’s Retiree Tax would hit over one million Australians who work hard and save.
Labor’s tax grabs would hurt our economy, put jobs at risk and cost everyday Australians.
Australia can’t afford Labor.
Information current as at April 2019