Australia’s new Prime Minister Anthony Albanese has just confirmed:
He will continue to implement a tax reduction policy formulated by the previous government.
Media reports stated that
this move will benefit millions of Australians!
Picture source: 7news
By the way, when former Prime Minister Morrison was still finance minister, he formulated a tax reduction policy that would be implemented in phases. (Australia’s largest Internet celebrity Douyin account "Wei Sydney" Take you through the interesting things about life in Australia! Please search for "Micro Sydney" on Douyin, we are waiting for you!)
The third and final stage is personal income tax. The reform of is as follows:
will reduce the original 32.5% tax rate to 30%,
and increase the income limit of this tax rate range from 120,000 Australian dollars (RMB600,000 yuan) to 200,000 Australian dollars (RMB1 million yuan),
cancel The original 37% tax rate will increase the income lower limit of the original 45% tax rate range from 180,000 Australian dollars (RMB900,000) to 200,000 Australian dollars (RMB1 million).
According to the plan, the above reforms will be implemented in the 2024-25 fiscal year.
As the saying goes, "the three things a new official should do when he takes office", but regarding the tax reform proposed by Finance Minister Morrison, Prime Minister Morrison's successor Albanese did not make any "changes overnight":
He just announced that the above reforms will be carried out in the 2024-25 fiscal year. Implemented as scheduled this year.
Source: 7news
So who will benefit from this tax reform?
Experts said that
the rich will benefit, while low-income workers will suffer.
Why do you say that? The above only mentions that the upper limit of the 30% tax rate has been increased to 200,000, but its lower income limit is 45,001 knives (RMB 225,005 yuan).
In other words, a person with an income of 45,000 and a person with an income of 200,000 have to pay 30%. Tax,
This income range is really wide, the upper limit is almost 4 times the lower limit!
Richard Denniss, chief economist of the Australia Institute, said that young people may be "left behind" by then:
"There are not many young people in their 20s who can earn more than 200,000 per year."
"But when the third phase of tax cuts When it is implemented, people with an annual income of 200,000 yuan can get a tax cut of 9,000 yuan a year.”
Source: 7news
An analysis by the Australia Institute earlier this year found:
The third phase of tax cuts can benefit middle-income people up to 987 yuan. ;
However, for people with an income of more than 200,000 yuan, the highest income can reach 9,075 knives (RMB 45,375 yuan).
"This is a lot of money. There are many young people who cannot save money to buy a house, cannot afford the rent, and cannot afford the high gas prices."
He pointed out that if another measure can continue to be implemented, then low- and middle-income people Only in this way can we obtain greater benefits:
This is the LMITO policy that directly reduces taxes for low- and middle-income people.
Currently, people with an income of less than 126,000 can receive a tax credit of up to 1,080 knives (RMB 5,400 yuan) a year.
The tax cuts will put pressure on the government budget as government revenue will fall by $15 billion a year.
Prime Minister Albanese also revealed:
In October this year, the budget for the new fiscal year will be released.
He also reassured the people, saying that the political views before the election will be implemented in the budget.
He explained that the reason for continuing the policies of the previous government was that the people wanted "certainty".
Picture source: 7news
As the saying goes, "the three things that make a new official take office", (Australia's largest Internet celebrity Douyin account "Wei Sydney" will show you all the interesting things about life in Australia! A must for studying abroad, traveling and immigrating! Please Search "Micro Sydney" on Douyin, we are waiting for you here!)
Regarding the previous policies, it is worth encouraging that the new prime minister can follow the rules and regulations.
I also hope that he can launch his own policies to benefit the people. policy!
