Workers at Dubbo will get hundreds of dollars back in their pockets at tax time next year with the federal Parliament passing the government’s personal income tax cuts bill.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The seven-year tax package that was voted into law last week will start with a rise in the 32.5 per cent marginal tax rate threshold from the start of the new financial year.
Under the first of three stages in the plan, low- and middle-income earners will get tax relief of up to $530 a year from July 1, although it won't be paid out until taxpayers do their tax returns at the end of the 2018/19 financial year.
The government finally secured enough crossbench support in the Senate for the bill to pass last week, despite opposition from Labor and the Greens.
Parkes MP Mark Coulton said workers in the electorate would benefit from the package.
“Any money back into your pocket is a good thing,” he said.
But the Nationals member said the income tax cuts were only the first stage, as he made the case for the Coalition’s business tax cuts plan.
Any money back into your pocket is a good thing.
- Parkes MP Mark Coulton
Prime Minister Malcolm Turnbull has promised a vote on the package this week, but as yet it does not have enough support from crossbench senators to pass.
Read more:
Mr Coulton says the company tax cuts will benefit individuals as well by its effect on the overall economy.
“Not everyone has a company or a business, but they certainly are the people who supply the employment and we need to stimulate the growth through the private sector,” he said.
“That’s what’s grown all the 400,000 jobs we’ve had in the past 12 months.
“So I’m hopeful we can get that next tranche of tax reforms through, so that we can really have our economy competitive to our rivals if you like around the world that are competing for that international trade dollar.”