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Every Taxpayer in Macquarie will Receive a Tax Cut
As the cost of living crisis bites, the federal government is trying to win back voters promising tax cuts for all Australian taxpayers. For the 67,000 taxpayers in Macquarie, this will mean an average tax cut of $1624.
To find out how much you will benefit from Labor’s tax cuts, use the calculator on the Treasury website: www.treasury.gov.au/tax-cuts/calculator
The changes are designed to reduce benefits to the wealthy while living low-income earners more tax breaks. The changes break a key election promise by reducing the thousands of dollars in tax breaks promised to high incomes earners in favour of bigger tax cuts for those earning under $150,000. The cuts will come into effect from July 1.
“Our tax cuts are about ensuring more workers in Macquarie can keep more of what they earn because we know that will take pressure off people doing it tough,” Susan Templeman, Member for Macquarie said.
“Every taxpayer in Macquarie will now get a tax cut. 85 percent of taxpayers in Macquarie will receive a larger tax cut than under the previous Stage 3 model.
“We’re delivering more help for working families and more help for Australians already under the pump from the cost of living, putting cash back into people’s pockets when they need it most,” she said.
The average Australian wage earner on $73,000 per annum will receive a tax cut of $1504 which is more than $800 extra in their pocket each year.
Treasurer Jim Chalmers said; “This is the right and responsible thing to do – to deliver more relief for more workers without adding to inflationary pressures or burdening the budget.”