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16 Oct 07 Coalition promises tax cuts

In a press release issued on 15 October 2007, the Treasurer, Peter Costello, said that, if re-elected, the Government will provide tax cuts for Australian taxpayers from 1 July 2008.

From 1 July 2008:

- the Low Income Tax Offset (LITO) will increase from $750 to $1,200, providing an effective tax free threshold of $14,000 (up from $11,000) to those taxpayers eligible for the full LITO;
- the 30% threshold will increase from $30,001 to $34,001; and
- the 40% threshold will increase to $80,001 and the 45% threshold will increase to $180,001, as announced in the 2007-08 Budget.

From 1 July 2009:

- the LITO will increase to $1,350, providing an effective tax free threshold for low income earners of $15,000;
- the 30% threshold will increase to $35,001;
- the second top marginal rate will be cut from 40% to 38%; and
- the top marginal rate will be cut from 45% to 43%;

From 1 July 2010:

- the LITO will increase to $1,500, providing an effective tax free threshold for low income earners of $16,000;
- the 30% threshold will increase to $37,001;
- the second top marginal rate will be cut from 38% to 37%; and
- the top marginal rate will be cut from 43% to 42%.

The personal tax rates and thresholds resulting from these changes are shown in the table.

For a copy of the Treasurer's press release, No 2007/108, 15 October 2007, go here


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