This year’s federal Budget saw the major parties go head-to-head to ease the cost of living for low and middle-income earners. However, long-term tax policy is a major point of difference, with the Coalition’s plan to flatten tax rates and provide “incentives for working Australians” branded a “ticking debt bomb” by the opposition. Here, we compare their policies in detail. Under the Coalition’s plan, Australians earning under $126,000 will benefit from a boost to the “low and middle income tax offset” (LMITO) with effect from the 2018­–2019 year. This is a lump sum reduction in the individual’s annual tax … Continue reading Budget 2019: What personal tax cuts are on offer?