Anthony Albanese has come under fire after breaking an election promise to uphold the stage 3 tax cuts legislated some years ago.
Under these new tax changes people earning over $180,000 in the top tax bracket who would have received around a $9000 reduction on their tax return, would get around a $4000 reduction instead.
It also adds back in another 37% tax bracket which had been eliminated to ameliorate bracket creep.
Produced By: Ben Tomkins
Featured In Story: Mark Chapman – Director of Tax Communications at H&R Block
First aired on The Wire, Tuesday 30 January 2024