Millions of Australians to move to higher tax bracket

WORKERS with rising incomes who are ultimately pushed into a higher tax bracket will contribute an extra $24 billion in total over the next four years.

WORKERS with rising incomes who are ultimately pushed into a higher tax bracket will contribute an extra $24 billion in total over the next four years.

The National Centre for Social and Economic Modelling told News Corp 1.8 million Australians would be pushed into a higher tax bracket because of a rise in wages, adding an extra $2.4 billion in income taxes this year.

Treasurer Joe Hockey said this research confirmed the need for a tax reform.

Meanwhile opposition leader Bill Shorten today slammed the Federal Government for opening up tax loopholes.

He said big global firms and companies operating in Australia had been using loopholes to pay tiny amounts of tax.

"It isn't fair that the local newsagent is paying more tax in Australia than some huge multinational companies," he said.

"And it isn't fair that while ordinary Australians and small businesses are paying more tax, a few big firms doing the wrong thing are getting off scot-free."

- APN NEWSDESK