Protecting our tax reforms
The MRC crunches the numbers on how many taxpayers stand to benefit from the stage 3 tax reform.
2018 was the last time our income tax system was reformed. While these changes are law, the final part (Stage 3) will be implemented in 2024-25. This change will abolish the 37c income tax bracket and create a single income tax bracket from $45k to $200k taxed at 30 cents in the dollar. Dumping this reform is the only tax debate Labor and Chalmers are willing to engage in. It may be the case that Jim Chalmers’ only contribution to tax reform as Treasurer will be reversing a tax cut.
Many will have you believe that it's only the top end of town who stand to benefit from these tax cuts but that's not the real picture. Anyone earning over $45,000 will benefit and that represents over 8 million Australian taxpayers.
At the MRC we want Australians to know how important preserving this tax reform is so we have crunched the numbers so you can see how many taxpayers stand to benefit in your community. These figures are based on the latest available tax return data released by the ATO for 2019-20 — so the number of beneficiaries will have increased substantially as incomes increase.