Antinuclear

Australia’s carbon tax changes will benefit middle and lower income earners

the changes redistributed income from high to low income earners more than previous Labor budgets and the tax cuts of last decade under the Howard government

 the changes ensured people who needed support were the ones receiving benefits or tax cuts……The 1st of July marks the starting date for major tax changes. 

Carbon tax marks biggest overhaul since the GST , The Age, Clancy Yeates and Peter Martin June 23, 2012 HOUSEHOLDS and businesses face the biggest tax shake-up in more than a decade in just over a week, as the carbon price and major changes to tax rates and family payments take effect.

And unlike the back-to-back tax cuts of the Howard years, the upcoming changes will overwhelmingly benefit low and middle income earners while taxing higher income households more. Under compensation for the carbon tax, everyone earning less than $80,000 a year will receive a tax cut.
For someone with an annual salary of $65,000 the tax saving is worth
$303 a year. People earning $25,000 or less will receive the biggest
tax cuts, of between $500 and $600 a year.
Households receiving Family Tax Benefit Part A will get extra support,
while pensioners, students and some families have recently received
increased cash payments.
People earning more than $80,000 will not receive any income tax cuts,
though everyone who earns more than $50,000 will no longer pay the
temporary flood levy.
Tax increases on superannuation will target higher income earners,
while people earning less than $37,000 will effectively pay no tax on
compulsory super contributions……. Tax experts said the changes
represented the most significant overhaul in tax since the GST was
introduced in 2000.
The general manager of policy at the Institute of Chartered
Accountants, Yasser El-Ansary, said a carbon price and associated
changes would indirectly affect every taxpayer…… A partner at the
accounting firm Pitcher Partners, Scott Treatt, said the changes
redistributed income from high to low income earners more than
previous Labor budgets and the tax cuts of last decade under the
Howard government…… The chief executive of the Australian Council
of Social Service, Cassandra Goldie, said the changes ensured people
who needed support were the ones receiving benefits or tax
cuts……The 1st of July marks the starting date for major tax
changes.  http://www.theage.com.au/opinion/political-news/carbon-tax-marks-biggest-overhaul-since-the-gst-20120622-20tu6.html#ixzz1yfS55NlJ

June 23, 2012 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, politics