Day

June 24, 2018

24
Jun
2018

Tax Cuts & Rises in Electricity Prices

The Turnbull government has succeeded in obtaining a welcome reduction in personal income taxes. But the estimated reduction in total tax levels is less than might be imagined from the media exchanges. This is important because, as stated in Budget Paper No.1 for 2018-19, “it is important that the personal income tax system does not act as a disincentive for those taking on additional work or seeking advancement”. Also that the “cap on the overall tax burden… “is consistent with the long term average of 23.9 per cent of GDP” which the government has set.