Nearly $50 billion in business and personal income tax cuts have passed the Parliament, mere days after being announced in the Federal Budget on Tuesday.
The changes bring forward planned income tax cuts for millions of Australians and backdate them to July of this year, and allow businesses that make new investments to write off their entire cost in one year.
Treasurer Josh Frydenberg has said the Australian Tax Office will work to release new Pay As You Go tables as quickly as possible, meaning the income tax cuts will be in workers' pockets within weeks.
The laws passed the Parliament with the support of both major parties, but opposed by the Greens.
The plan brings forward income tax cuts planned for 2022 and temporarily retains a bridging measure designed to let low and middle income earners receive the cuts early.
The income tax cuts are worth $17.8 billion over four years, while business tax cuts and other measures are worth $31.5 billion, bringing the cost of the package to the Budget bottom line close to $50 billion.
Business tax measures allow all businesses to write off the cost of assets they buy right away, and allow companies with turnover of less than $5 billion to offset their losses against past profits.
More to come.
https://news.google.com/__i/rss/rd/articles/CBMib2h0dHBzOi8vd3d3LmFiYy5uZXQuYXUvbmV3cy8yMDIwLTEwLTA5L2J1ZGdldC10YXgtY3V0cy1wYXNzLXBhcmxpYW1lbnQtanVzdC1kYXlzLWFmdGVyLWJlaW5nLWFubm91bmNlZC8xMjc0NTYxONIBJ2h0dHBzOi8vYW1wLmFiYy5uZXQuYXUvYXJ0aWNsZS8xMjc0NTYxOA?oc=5
2020-10-09 00:22:00Z
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