The result is out after the caucus meeting earlier today:
https://www.afr.com/policy/tax-and-super/what-the-tax-cuts-m…
https://www.news.com.au/finance/money/tax/winners-and-losers…
from AFR:
https://files.ozbargain.com.au/upload/476873/110049/screensh…
Are you affected with the updated stage 3 tax cuts?
Most OZBers earn 300kpa so are affected by this.
Classic OzBraggin’ poll, where 40% of respondents apparently earn more than 95% of the population. If you consider the average OzBargain user is aged in their early thirties (again based on user polls, but I would expect there is less e-peen incentive to lie on those), then these income results become even more absurd.
I'd happily pay more taxes if the super wealthy and large corporations also paid their fair share instead of avoiding tax.
That's everyone's dream that the have nots pay less because the haves and wealthy companies pay more / fair share
Jeff Bezos' nightmare. Technically still a dream.
How every single taxpayer gets a tax cut can be portrayed as being a negative by the Libs and their MSM mates is beyond me.
It's not the tax cut they are focusing on,
but the fact that it's a "broken promise",
and hoping that kind of mud-slinging will stick,
and help Liberals win the next election.
Which annoys me just as much. Howard said no GST, he brought in the GST. Abbott said no cuts to Medicare, he made cuts to Medicare.
Every single one of us makes promises which we do not keep regularly, and it's not about being disingenuous it's just that circumstances change.
If i promise my son to take him to the beach but don't because his brother is sick make me a bad dad? (rhetorical)
If i promise my son
Good or bad dad, your son has no choice, but to always call you 'dad'.
So, you'll always be their father,
by virtue of the biological process.
Nobody has to vote someone in,
but they do, even after the system has shown
the same people over many years, that the system
always favour the people that are unelected
and running the show, eg. CEOs, Central Banks, etc.
No matter you who you vote for, the government always gets in.
What I really want is for the Govt to nominate what percentage of the population should fall within each bracket, then adjust the thresholds accordngly every year (I'm happy with a bit of lag and/or guesswork in that). Failing that, index to the Wage Price Index.
Then they can honestly claim to be responding to bracket creep. Simples.
That would create too much administrative work.
The tax cut is not enough compared to the rise of food prices in Wollies and Coles.
Exactly, and these tax cuts were planned well before this cost of living increase. Albo should have increased the threshold and brought it much further forward!
It's not as if they haven't been printing money and giving it away hand over fist, obviously budget concerns are not present
I'm from whirlpool there's not an option for me on 400k+ as an IT call centre operator CEO
I'm going to discuss dropping to 3-4 days a week instead of 5 days with my boss. Time with my family is more important than giving 45% back in tax.
Unless sarcastic, this comment makes no sense. The threshold for the 45% bracket will increase from 180k to 190k.
Mind you, it's 47% in tax when including Medicare levy. Also for a small range when your income + super contribution reaches 250k (but under 277.5k), the marginal tax rate effectively becomes 62%, because an additional 15% is charged for every dollar over that combined amount on the super contribution as division 293 tax.
Not sure I trust the poll data, if true, there's a lot of very rich people on here… Looking for bargains…
Yeah interestingly the finance-focussed forums/pages generally attract people who like to make and conserve money. That's how goes.
How dare Albo lie and give me a bigger tax cut, I wont be voting for him or Labor next election, I was promised bugger all and he came in and gave me more after he wins.
Now can they just address the real elephant in the room? That is the housing affordability crisis? Property in Europe is a place to live in not to speculate. Can we please start learning some valuable lessons there?
Yep, the ability to negatively gear multiple assets maintains the lack of affordability. Obviously supply needs to increase as well.
Labor took that to two elections and lost. Gullible Australians are to blame.
This is one example where democracy fails as when it comes to voting, it reflects the majority of vested interest not the interest of a country as a whole. Eventually it may work out, by then it’s too late for many of us.
the majority of vested interest
If a significant number of population is holding shares in industries and companies,
that are trans-national and not loyal to the people of the land,
then, should you blame "vested interests" or it's actual
individual self-interest which is actually disloyal to the people of this land?
Just because I can get rich at the expense of someone else's kids who I don't know, getting poorer?
There's some weird self-centredness growing here,
that wasn't so evident 30-years ago.
Too many diverse views trying to live together,
and without the common view that we must be loyal to each other,
and improve each other's lives.
The rich people are the ones with assets and can afford to set up tax structures to minimise their taxable income.
no option for "I earn more than $180k, but I don't pay any tax anyway, doesn't matter to me"?
Albo’s logic we can throw away money to Ukrainian corrupt regime but we aren’t going to give tax relief to our own people.
People in higher brackets aren’t criminals so they should bear the burden of the rest.
So only criminals should bear the tax burden?
We'd have to go back to being a penal colony.
Not following
Morrison put these income tax threshold changes through well before this cost of living/inflation mess.
Albo should have increased the threshold across the board years ago when the money printer was in full song
Basically only specialist doctors at that point