Labor doubles down on $3,000 tax advice cap

Wednesday 8 May 2019

Labor has released new costings showing that its $3,000 cap on deductions for tax advice would raise $375 million over the next three years and $1.6 billion over the next decade, while also showing that its policy would primarily impact high income earners. From The Age:

Australian Taxation Office (ATO) data from 2016-17, the latest available year, shows the current system is being used by high-income earners to sharply reduce their tax.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.