The Morrison Government is pushing forward with our plan to deliver a stronger economy and put more money back in the hands of your family and local businesses. It’s a plan to grow our economy and continue Australia’s strong economic performance.
In the 2019-20 budget, we announced significant tax relief for millions of Australians. That’s why when we return to Parliament in July, our priority will be to introduce laws to implement our personal income tax cut package.
This package is a plan for tax relief not just now, but into the future and includes responsible measures for our economy, for jobs and confidence.
Two significant changes will deliver $158 billion of tax relief for hard-working Australians. Firstly, we are more than doubling the low and middle-income tax offset from 2018-19. Secondly, we will deliver long-term structural reform by lowering the 32.5 per cent tax rate to 30 per cent from 1 July 2024.
Importantly, it will mean 94 per cent of taxpayers are projected to pay a marginal tax rate of no more than 30 per cent in 2024-25.
The ATO is putting steps in place to implement the tax cut following their legislative passage. These steps include automatically amending taxpayer assessments, should tax cuts pass after 1 July and the taxpayer has already lodged their assessment.
Also, from Budget night, the instant asset write-off will be increased from $25,000 to $30,000, and it can be used every time an asset under that amount is purchased.
The instant asset write-off will also be expanded to businesses with a turnover of up to $50 million, covering an additional 22,000 businesses, employing 1.7 million Australians.
Already more than 350,000 businesses have taken up the instant-asset write off.
By moving to implement these changes, our Government is ensuring that Australians keep more of their own money, deliver more jobs and encourage our economy to grow.
Building on our record to date, more than 1.3 million new jobs have been created since we were elected. That’s around 240,000 per year. More than 100,000 young Australians between the ages of 15 and 24 found jobs in 2017-18 – the highest number in Australia’s history. And because of this commitment to jobs by Australian businesses, welfare dependency is now at its lowest level in more than 30 years.
Our Government is focused on the policies that support our economy and more jobs for Australians. That’s why at the election, Australians endorsed our economic plan.