Tax Cuts to be Delivered for Local Families
Friday, 5 July 2019
Thousands of families and individuals across Toowoomba and the Darling Downs will benefit from cuts to personal income tax after the Coalition Government successfully passed its $158 billion tax package through Federal Parliament today.
Federal Member for Groom John McVeigh said this was a major win for working people in the region who deserve to keep more of their hard earned income in their pockets.
“Under the first stage of this historic set of reforms, taxpayers earning up to $126,000 a year – including teachers, tradies and nurses – will receive a significant tax cut of up to $1,080 a year for a single income family and up to $2,160 a year for dual income families,” Dr McVeigh said.
“This will impact more than 60,000 taxpayers in the Groom electorate who will start benefiting from these changes after tax returns for the 2018-19 year are submitted.”
Dr McVeigh said the package also included long term structural reform to our tax system to address the issue of bracket creep and to create a more simplified tax system for all.
“We will lower the 32.5 per cent tax rate to 30 per cent from 1 July 2024, which will then cover all taxpayers earning between $45,000 and $200,000,” he said.
“This will mean that 94 per cent of taxpayers will pay no more than 30 cents in the dollar.”
Dr McVeigh said the Coalition Government was range of measures across the economy to help fix the budget, and strengthen the economic future of all Australians including in our region of Toowoomba and the Darling Downs.
“More than 18,000 small businesses in the Groom electorate are already benefiting from tax relief legislated by the Coalition Government and they are also taking advantage of the instant asset write off scheme, which enables businesses to invest in machinery and equipment valued up to $30,000,” he said.
“Alongside these important changes, we will continue to invest in infrastructure, boost exports and help bring down electricity prices to support everyday households,” he said.
Media contact: Clare Siddins 0427 200 674