Blessed with a sudden and unanticipated increase in revenue, the centrepiece of Treasurer Scott Morrison’s third Budget was the Government’s personal income tax plan which will cost the Budget $13.4 billion over the four-year forward estimates. The proposed tax cuts however will result in a very significant reduction in government revenue of some $140 billion over a ten year period, as the more expensive tax cuts, which are targeted predominantly at people on higher incomes, kick in from 2024–25 onwards. More...
6 août 2018
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