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08 Apr 2023, 6:46 pm
This is going to piss off those on the left of politics, also. OUCH! 
Quote:
Low-middle income earners face major pay cuts as Treasurer Jim Chalmers signals end of tax offset
Australians earning under $126,000 a year could suffer a big hit to their hip pocket as the Albanese government moves to ditch the Low-Middle Income Tax Offset.
Miriah Davis
April 8, 2023
Australians earning under $126,000 a year could suffer a big hit to their hip pocket as the Albanese government moves to ditch the Low-Middle Income Tax Offset.
Miriah Davis
April 8, 2023
Quote:
More than 10 million Australians struggling with the cost of living crisis will face one of the largest tax increases in history.
According to a report from Nine papers, Treasurer Jim Chalmers will not extend the Low-Middle-Income Tax Offset (LMITO) when the federal budget is delivered in May.
This means those earning under $126,000 a year will suffer a $1,500 hit to their hip pocket and a person earning $100,000 will be $1,200 worse off.
People taking home $50,000 a year will suffer a 3.4 per cent or $29 per week cut in their after-tax income while those earning $90,000 will cop a 2.1 per cent hit.
According to a report from Nine papers, Treasurer Jim Chalmers will not extend the Low-Middle-Income Tax Offset (LMITO) when the federal budget is delivered in May.
This means those earning under $126,000 a year will suffer a $1,500 hit to their hip pocket and a person earning $100,000 will be $1,200 worse off.
People taking home $50,000 a year will suffer a 3.4 per cent or $29 per week cut in their after-tax income while those earning $90,000 will cop a 2.1 per cent hit.
Quote:
The LMITO, which costs the budget $11 billion a year, was introduced for the 2018-2019 financial year as part of the first stage of the Turnbull government's three-stage tax cuts.
Under the scheme, people earning between $37,000 and $126,000 received up to $530 when they filed their tax returns, with the offset later extended and increased to $1,080 ahead of the 2019 federal election.
In March last year, then-treasurer Josh Frydenberg again extended the offset for the 2021-2022 financial year lifting it to $1,500 as part of a stimulus package to curb surging inflation.
Under the scheme, people earning between $37,000 and $126,000 received up to $530 when they filed their tax returns, with the offset later extended and increased to $1,080 ahead of the 2019 federal election.
In March last year, then-treasurer Josh Frydenberg again extended the offset for the 2021-2022 financial year lifting it to $1,500 as part of a stimulus package to curb surging inflation.
https://www.skynews.com.au/australia-ne ... erallPos=2
08 Apr 2023, 6:58 pm
08 Apr 2023, 7:20 pm
08 Apr 2023, 7:45 pm
08 Apr 2023, 8:07 pm
MrsPeel wrote:
I wouldn't mind if I knew the government would put the extra money to good use.
And if they taxed the highest income earners appropriately so we all share the pain.
And if they taxed the highest income earners appropriately so we all share the pain.
I am older than you.
I busted a gut, resulting in autistic burnout to become financially independent.
While I don't have a problem with this Labor government, I am preparing for Jim Chalmers to attack my funds to support his budget needs.
I have already slowly realised some of my capital gains in my share portfolio before Jim starts taxing unrealised gains.
At the moment, my capital gains tax will be at a 50% rate because the shares are over 1 year old.
I have no doubt that Jim will take away this benefit if he ever gains the prime ministership.
But ppl will simply re-arrange their financial strategy, as I am doing pre-emptively.
Tax on the family home will probably be down the line if Jim becomes the leader.
I guess I could possibly arrange a long-term rent situation if that ever happens, not that I it will be a critical factor at my stage of life without human children.
BTW, I have NEVER in my life seen such ambition in Australian politics. Albanese, "check your six", constantly.
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