Fairer Tax Plan Passes Federal Parliament

March 7, 2024 9:09 am in by
Credit: davidf via Getty Images.

The passing of Labour’s ‘fairer tax plan’ will see more money back in the pockets of Central Victorians, especially those on low or middle incomes, that’s according to local Federal MP Lisa Chesters.

The Federal Government is delivering a tax cut for every Australian taxpayer commencing on July 1 – simplifying and flattening the personal tax system by abolishing the 37 percent tax bracket entirely. Australians earning more than $41,000 will only pay 32.5 cents in the dollar all the way up to the top marginal tax rate threshold that will be adjusted to $200,000.

Labor’s tax cuts will make a real difference for 13.6 million Australians, ensuring that hard working Australians are keeping more of the wages they earn.

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Building on the first budget surplus delivered in 15 years, Labor’s tax cuts deliver more relief to more people in a way that is fiscally responsible and doesn’t add to inflationary pressures.