Budget 2005 - Pearce residents to receive tax cuts across the board
Posted on Wednesday, 11 May 2005
Member for Pearce Judi Moylan said Pearce taxpayers would benefit from Federal Budget tax cuts again this year. She said that across Australia there would be
$21.7 billion in tax cuts over the next four years.
Ms Moylan said low, through to high income earners would benefit from the positive changes.
“On July 1 this year, the 17 per cent tax rate will be reduced to 15 per cent,” she said.
“Also on July 1 this year, the tax threshold for the 42 per cent and 47 per cent rates will be raised. They will then be raised again on July 1, next year.
“This equates to taxpayers not reaching the highest marginal tax rate until they earn about three times the average weekly earnings.
By July 2006-07, people will need to be earning more than $125,001 to be paying the 47 per cent highest tax rate.”
“The Howard Government is committed to reducing taxes to help all Australians, whether they are low or high income earners,” she said.