Budget 2017 Announcements
Some tax changes have been announced, which include tax cuts targeted to low to middle income earners, additional assistance funding and increased funding on public services—a win win for all!
These proposed changes will likely kick in from 1 April 2018 and include:
- ¨ Increasing some of the midrange income tax thresholds brackets. Savings as a result of the threshold changes up to $1,060 ($20.38 per week)
- ¨ Discontinuing the Independent Earner Tax credit (IETC) currently available for individuals who earn between $24,000 and $48,000 (after expenses and losses) a year
- ¨ Increasing the maximum Family Tax Credit for the first child under 16 by $9 per week and for each subsequent child under 16 by between $18 and $27 per week.
- ¨ Increasing the abatement rate for Working For Families from 22.5 cents to 25 cents in the dollar, and the abatement threshold will decrease from $36,350 a year to $35,000 a year.
- ¨ Increasing the accommodation supplement maximum payment rates for a two person household from between $25 per week to $75 per week, and for larger households by between $40 and $80 a week.
- ¨ Increasing the accommodation benefit rates for Student Allowance recipients by up to $20 a week.