Budget set to target high income earners
Budget 2016 will raise taxes on individuals earning over $100,000 in 2018-19 from 7 per cent to 10 per cent. It would also impose a two per cent income tax levy on incomes over $200,000 in each of 2017, 2018, 2019, 2020 and 2021.
Taxpayers would pay $4 billion over the next six years to finance the measures announced atSM 카지노 the end of June.
Treasury said the changes would achieve the following:
Fully fund measures to ensure Australia retains its top rate of tax at 22.5 per cent.
Allow income splitting between married and common-law couples and allow for deductions.
Implement tax reforms to make tax systems fairer for low to middle income earners.
Support tax systems through changes to corporation tax, excise and tax concessions and simp코인 카지노lify the tax system for businesses.
Increase corporate tax receipts by $30 billion over the next four years to create 2.2 million more jobs and create 25,000 more tax dollars.
Ensure that every dollar raised by these measures increases tax revenues.
Under the proposed changes, the maximum tax rates the government will charge on income would double from 11 to 24 per cent.
It would also impose an annual income tax rise of 0.7 per cent in each of the next four years.
On average, the government would need to increase corporate tax rates by 3.4 per cent a year and excise taxes by about 1.1 per cent to attract the maximum increase.
However, the changes would provide further relief for those earning over $200,000 annually.
The maximum rate on income tax would rise to 20 per cent from 15 per cent and the income tax threshold for higher income earners would rise to $75,000 in 2018-19.
Individuals earning over $40,000 a year will see their income tax threshold rise to $70,000 but the thresholds on income from joint and sole property will stay the same.
Employers will pay $1,000 on tax in each year above $100,000.
Deductions for joint and sole property 가평안마will not be deductible.
The top rate on the $10,000-plus income threshold is expected to rise from 25 per cent in 2016-17 to 28 per cent in 2017-18.
Higher income earners will also see deductions expanded to cover their total income, including pensioners, workers on the self-employed or ove