DELIVERED: TAX RELIEF FOR 63,000 IN FISHER
Around 63,000 low and middle income earners in the Sunshine Coast Federal electorate of Fisher will start to receive immediate tax relief from next week after the Morrison Government successfully passed its tax package through Parliament last night.
“The Coalition Government has delivered on its promise to build a better tax system and provide more tax relief on the Sunshine Coast,” Federal Member for Fisher Andrew Wallace said.
“This will ensure low and middle income earners on the Coast will keep more of what they earn and have more money in their pockets. In the end this will boost household consumption, help more tourists to visit our community and encourage locals to get out to our shops, cafes and restaurants. The Morrison Government’s tax cuts are good news for the Sunshine Coast economy, and great news for the thousands of locals who work in our vital tourism sector.
“Those earning up to $126,000 on the Sunshine Coast will receive up to $1,080, and dual income couples will receive up to $2,160. Sunshine Coast locals will start to see this money flow from next week, when they put in their 2018-19 tax return.”
The tax package provides a further $158 billion in tax relief, building on the already legislated Personal Income Tax Plan that the Coalition Government 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 flatter and better tax system that will improve incentives for those working hard on the Sunshine Coast” Mr Wallace 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.
“Australians voiced their loud and clear support for our comprehensive tax package at the election, none more so than here on the Coast. The people of the Sunshine Coast supported a tax system that rewards aspiration and encourages effort, and we have delivered it.
“Lower taxes are part of our plan for a stronger economy.”