No tax cuts for wealthy in Budget

Sources cited by The Australian have indicated that next week’s Federal Budget is likely to include a one-year extension of the low and middle income tax offset (LMITO), which is worth up to $1080.

However, the government is said to have ruled out bringing forward the third stage of its personal income tax cuts, which will benefit people on high incomes in particular.

Strangely, Westpac’s Bill Evans has criticised the move, claiming the government was “missing the opportunity to bring forward tax reform” by extending the tax offset again.

There are 893 words left in this subscriber-only article.

Start your free 14-day trial today!

Comments are hidden for Membership Subscribers only.