Scott Morrison


PHOTO: Prime Minister Scott Morrison

The Liberal Party has promised to simplify the tax system and introduce rolling tax cuts across the wage spectrum to take hold between July this year and July 2024.

Your money

Phased in tax cuts. The Coalition’s signature election policy. It will provide tax breaks for more than 10 million Australians and simplify the system by removing the 37 per cent tax bracket entirely. The measures will cost Treasury coffers $158 billion over 10 years, but don’t hold your breath for them all.

From July 2022, the Coalition will raise the 19 per cent tax bracket from $37,000 to $45,000.

From July 2024, if it holds onto government that long, it will reduce the 32.5 per cent rate to 30 per cent and do away with the 37 per cent rate. This will make a flat 30 per cent tax rate for anyone earning between $45,000 and $200,000.