How will your taxes be affected by the outcome of the 2022 Federal Election?
Income tax
Labor
Liberal
Abolish the 37% tax rate and lift the upper threshold of the 32.5% rate to $200,000.
Reduce the 32.5% tax rate (which would apply to incomes from $45,000 to $200,000) to 30%.
Most taxpayers to pay no more than a 30 per cent marginal tax rate from 2024-25.
Lower- and middle-income taxpayers get tax offset of up to $1,500 for one more year only.
Crackdown on multinational tax dodging
Make big multinationals pay their fair share of tax in Australia where they make profits.
* The Liberals have ruled out the introduction of any new tax measures for multinational tax avoidance other than the existing ATO taskforce which has largely proven ineffective.
Fund the ATO's existing tax avoidance taskforce.
Fund the ATO's existing tax avoidance taskforce.
Deter multinational companies from stashing profits in tax havens
Deter multinational companies from stashing profits in tax havens by committing to the OECD global minimum tax rate of 15 per cent.
More transparency for multinationals
Establish a beneficial ownership register" that outs the people behind shell companies, creating more transparency to crack down on multinational tax dodging.
Comment
The major parties are identical on income tax policies.
Labor has pledged to crack down on multinational tax avoidance, which will generate increased revenue to fund vital services like hospitals and schools.
Fact: The Morrison Government is the second highest taxing government of the past thirty years (second only to the John Howard Government). Taxes have been higher every year under this Coalition Government than the previous Labor government.
Authorised by M. Wright, Electrical Trades Union Division, Sydney
