Where Labor stands on the coalition government's tax policies.
SEVEN-YEAR, THREE-STAGE PERSONAL INCOME TAX CUTS
Stage One
* Labor SUPPORTS new low- and middle-income tax offset worth up to $530 a year from July 1, 2018
Stage Two
* Labor SUPPORTS a lift in the 32.5 per cent tax bracket from $87,000 to $90,000 from July 1, 2018
* Labor does NOT support the remainder of Stage Two:
- An increase in the existing low-income tax offset from July 1, 2022
- An increase in the 19 per cent tax bracket $37,000 to $41,000 from July 1, 2022
- A further lift to the 32.5 per cent tax bracket from $90,000 to $120,000 from July 1, 2022
Stage 3
* Labor does NOT support Stage Three:
- The removal of the 37 per cent bracket from July 1, 2024
- Extending the 32.5 per cent tax bracket from $120,000 to $200,000 from July 1, 2024
TEN-YEAR ENTERPRISE TAX PLAN
* Labor only SUPPORTS a tax cut from 30 per cent to 25 per cent for small businesses with a turnover of up to $2 million
- It has yet to decide whether in government it would reverse the legislation that gives a tax cut for businesses with a turnover of up to $50 million.
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