NT ‘big beneficiaries’ to government’s tax cuts

Jim Chalmers claims Territorians will be the “big beneficiaries” of the Government’s new tax cuts. See what it means for you.

Treasurer Jim Chalmers claims Territorians will be the “big beneficiaries” of the federal government’s new tax cuts.

The claim comes after Anthony Albanese unveiled a suite of cuts expected to double the tax relief of low and middle-income earners.

Mr Chalmers said the changes, in effect from July 1, 2024, would support Territorians.

“Every taxpayer in the Northern Territory will now get a tax cut and the vast majority of workers will get a bigger tax cut,” he said.

“The people of the Northern Territory are big beneficiaries of our bigger tax cuts for more Australians.”

From July 1, not only will every Territorian taxpayer – around 120,000 people – get a tax cut, but every Australian taxpayer.

Mr Chalmers said the change was to help people “doing it tough”.

“(The cuts) means more help for working families and more help for Australians already under the pump from the cost of living, putting cash back into people’s pockets when they need it the most,” he said.

“Labor’s tax cuts are about ensuring the workers of the Northern Territory keep more of what they earn because we know that will take pressure off people doing it tough.”

About 84 per cent of Territorian taxpayers will get a bigger cut than they would have under the plan legislated by Scott Morrison’s government nearly five years ago.

High-income earners of $200,000 or more will also receive a cut of more than $4500 – although this is half of what they were expected to receive.

Solomon MP Luke Gosling confirmed every taxpayer in Darwin and Palmerston – around 59,000 people – would receive a tax break.

“Every taxpayer in Darwin and Palmerston will now get a tax cut,” he said.

“Our tax cuts are about ensuring more workers in Darwin and Palmerston can keep more of what they earn because we know that will take pressure off people doing it tough.”

The federal government pledged that a person earning $40,000 will get a tax cut of $654 and that a person earning $100,000 will get a tax cut of $2179.