Statement From Josh Frydenberg On Taxes
Statement from Treasurer Josh Frydenberg
The report is misleading as it uses an average across all individual tax payers even though some are not eligible for the low and middle income tax offset. What is a statement of fact though is that up to 10 million Australians on incomes less than $126,000 will benefit from the tax offset by up to $1,080 for singles or $2,160 for couples with around 4.5 million Australians receiving the benefit in full. Treasury has estimated that the Government’s personal income tax plan will boost aggregate household income by around $8 billion each year for the next four years and the RBA Governor, Phil Lowe told the House of Representatives Economic Committee on 9 August that the tax cuts “will boost household disposable income by roughly 0.6 or 0.7 per cent of income, and that is a sizable boost.” These tax cuts which we outlined in this year’s Budget, took to the election and legislated shortly thereafter are the biggest tax cuts in more than a decade. They are helping to create a stronger, simpler and fairer tax system.
Josh Frydenberg - Treasurer