Jim Chalmers announces negative gearing, capital gains tax reform; Coalition to support tax cuts; Keir Starmer stares down UK leadership challenge
The new income tax offset (or working Australians tax offset) announced in last night’s budget is something Finance Minister Jim Chalmers plans to pursue.
Speaking to ABC Radio National a few minutes ago, Chalmers was asked about the distinction in this offset, which is only for wages and salaries and not for investment income, and whether he plans to develop the policy in future budgets.
“The short answer is yes… One of the most important things we did last night with these broad and ambitious tax reforms was to start better aligning the tax treatment of people who work for a living with people who earn it, who earn their living in other legitimate ways.
“One of the problems with the tax system is that it has gone out of control and so the tax break for newly working Australians has removed the tax-free threshold for workers, but not for others, which, as you rightly point out, is only for working people and creates a discrimination,” he said.
WATO will provide additional tax cuts of up to $250, on top of tax cuts announced in previous budgets.
