Tuesday, 17 May 2016
The 2016 Budget is an economic plan for Australia that will deliver tax cuts and incentives for local small businesses and relief for hard-working families in Stirling. It will also drive jobs and growth across the country, with real benefits for individuals and businesses in the local area.
The Government will increase the middle tax bracket threshold from $80,000 to $87,000 from 1 July 2016. 3,440 average wage earners in Stirling will be prevented from facing the 37 per cent marginal tax rate this coming financial year.
The Government will also introduce a Low Income Superannuation Tax Offset from 1 July 2017. This will ensure that low income earners are not paying more tax on their superannuation than they are on their take-home pay. This means that 17,777 individuals in Stirling earning $37,000 per year or less will effectively pay no tax on the money they contribute to superannuation.
From 1 July this year, small and medium businesses with annual turnover less than $10 million will have their company tax rate cut to 27.5 per cent. This will reduce the tax rate for around 5,458 companies in Stirling. The Government will also increase access to a range of small business tax concessions to more Australian businesses with turnover of less than $10 million. This will assist more than 18,049 businesses in Stirling.
For more information about the 2016 Budget please visit www.budget.liberal.org.au.
Michael Keenan MP
19 Wotan Street,
Innaloo WA 6018
Phone: (08) 9445 3222