The Federal Government has delivered income tax relief for hard-working local families.
Federal Member for Gippsland Darren Chester said the passing of the Personal Income Tax Plan through Parliament, meant Gippslanders paying tax would be better off.
“They will be paying less tax, and they will be rewarded for their hard work both now and into the future,” Mr Chester said.
“Taxes in this country will now be lower, fairer and simpler. This provides incentive and will strengthen our economy.”
Mr Chester said the changes would provide immediate tax relief for all workers.
After seven years, the 37 cent tax bracket will be eliminated entirely, meaning 94% of taxpayers will pay no more than 32.5 cents in the dollar. For workers, this means as incomes rise over time, they will be protected from ‘bracket creep’ and not pushed into higher tax brackets.
“Gippslanders should have every opportunity to get ahead. The Federal Government has a long-term plan to encourage and reward hard work and aspiration, by making taxes lower, simpler and fairer,” Mr Chester said. “It is a win for working Australians who want to get ahead. They will have the certainty that when they earn more, when they get a pay rise or work additional hours, they won’t face ever-increasing tax rates.
“Your income is your money. You earned it. You deserve to keep more of it.
“Our plan is fair. Australia will continue to have a progressive income tax system, with those on the highest incomes paying most of the tax. Higher income earners will account for an even greater share of tax revenue than they do today.”
