Tax Revenue Trend Shows Reliance on Personal Income Tax

A report analysing the trends in Australia’s federal tax system since 2001 has been issued by the Parliamentary Budget Office. Among other things, the report identifies a fall in company tax receipts as a significant change owing to investments being concentrated in capital intensive industries which have greater carried forward losses to offset income. The […]

Personal Income Tax Plan Bill Introduced

The Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018 has been introduced into parliament. Changes to tax offsets Schedule 1 of the Bill proposes to amend the tax law to: • introduce the low and middle income tax offset to reduce the tax payable by low and middle-income earners in the 2018/19, 2019/20, 2020/21 and 2021/22 […]