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Budget 2018: Tax cuts for 10 million workers

David Crowe |  08 May 2018  |  News

A tax cut for 10 million workers will start on July 1 under a Turnbull government plan to win back middle Australia and prepare for an election, setting up an immediate test in Parliament over income tax reform that will cost an extraordinary $140 billion over a decade.

The radical seven-year plan announced by Treasurer Scott Morrison during his third budget speech on Tuesday will create a single low rate of just 32.5 per cent for workers earning between $41,000 and $200,000 a year. The creation of the expanded bracket means 94 per cent of taxpayers will pay no more than 32.5 cents in the dollar in income tax compared with 63 per cent today.


Source articles

The Sydney Morning Herald

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