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Income tax

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Nine new ways to make us richer, safer and happier

Anthony Albanese’s economic roundtable has been inundated with ideas to lift Australians’ living standards. Here are nine that would actually work.

  • Shane Wright

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Westpac has argued it is time to end bracket creep by indexing tax thresholds to inflation.

End bracket creep and move to the bush: Westpac’s productivity plan

Australia’s second-biggest bank wants workers to pay less tax by increasing thresholds to keep up with inflation.

  • Shane Wright and Millie Muroi
Treasurer Jim Chalmers says he wants tax proposals that either leave the budget no worse off or lift overall revenue.

If you want tax cuts, find ways to raise more revenue: Chalmers

Treasurer Jim Chalmers has warned those who want tax cuts that they have to find ways to improve the budget bottom line to fund them – but a GST change is unlikely to be one of the measures.

  • Shane Wright
Treasurer Jim Chalmers has maintained the change to Australia’s $4.1 trillion dollar sector would only affect one in 200 Australians

Most of Australia’s top earners still far from being hit by new super tax

Labor is defending its new super tax as the latest figures from the ATO reveal most taxpayers are in no danger of bumping up against the $3 million threshold any time soon.

  • Millie Muroi
Trump debt graph

‘Going to be a reckoning’: The ticking time bomb in Trump’s big beautiful bill

British historian Niall Ferguson has a cardinal rule: When a country’s interest payments on debt eclipse its military expenditure, the collapse of empire cannot be far away. That’s now a problem for Trump’s America.

  • Michael Koziol
Speaker of the House Mike Johnson gavels in the House chamber during final passage of President Donald Trump’s signature bill on Thursday.

Trump’s ‘big beautiful bill’ wins congressional approval to be signed into law

It’s a significant victory for the US president that will fund his immigration crackdown, make his 2017 tax cuts permanent and deliver new tax breaks that he promised during his 2024 campaign.

  • Bo Erickson, Richard Cowan and David Morgan
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Some July 1 changes will see happier hip pockets, while others won’t. It depends on what stage of life you’re in, and where you live.

All the changes coming into effect from today – and it is not all good news

Who won when the clock struck midnight? It depends on what stage of life you’re in … and where you live.

  • Bronte Gossling
Australian tax data for 2022-23.

Income tax out-paced wages as rates and inflation started to bite

Wages started to climb soon after Anthony Albanese’s election in 2022, but changes to the tax system meant people didn’t see most of that extra cash.

  • Shane Wright
Treasurer Jim Chalmers

The big tax changes likely to cross the treasurer’s desk

From abolishing stamp duty to slashing income tax, here are some ideas expected to be presented to Jim Chalmers after he opened the door to tax changes.

  • Millie Muroi
Treasurer Jim Chalmers has signalled his ambition to go beyond Labor’s election promises.

Treasurer opens the door to fresh tax cuts

Labor’s personal tax cut pledge helped it win the election, but Jim Chalmers has signalled the party could use a summit in August to go further.

  • Millie Muroi

Original URL: https://www.theage.com.au/topic/income-tax-5yk