The total approximate savings from scrapping both the FTB Part B and the Schoolkids Bonus would be $5.9 billion each year. Therefore, the abolishment of Family Tax Benefit (FTB) Part B and the Schoolkids Bonus, while redesigning Family Tax Benefit Part A to reduce middle-class welfare and insulate low-income families from the former. The plan … Continue reading Redesigning Family Tax to Benefit Low Income Households
Australian taxpayers are to be slugged an extra $38.5 billion in tax hikes over the next 4 years without notice. While, the cumulative cost of bracket creep is forecast to be $50.9 billion by 2018-19. Bracket creep is when inflation pushes additional earned income into higher tax brackets. Legislative inaction causes bracket creep to be … Continue reading Bracket Creep in Australia
Payroll tax is a levy on the value of certain types of income paid within a particular state or territory by employers to, or on behalf of, their employees. Although, it is a state tax different jurisdictions have different rates and deduction thresholds. The total approximate savings from abolishing the payroll tax would be $22,240 … Continue reading Payroll Tax in Australia
Income splitting is when double income households are able to spread their collective income over both incomes, considering you are self-employed. In order to lower each under the tax free thresholds. This means a family can gain more savings from income tax from having two incomes. The use of these arrangements are used to create … Continue reading What does income splitting mean for Australian households?
On 15 September 2016, Treasurer Scott Morrison and the Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the proposed $500,000 non-concessional superannuation cap policy is now scrapped. It will be replaced with an annual $100,000 non-concessional cap, that is subject to legislation from 1 July 2017. The current … Continue reading Proposed Australian superannuation changes – 1 July 2017
Menzies House is a dedicated and leading community of writers, thinkers, and activists. Founded in January 2010, the non-for-profit website is run by volunteers and showcases ideas across conservative, centre-right, and libertarian movements in Australia. Borrowing inspiration from Sir Robert Menzies’ ideal of a ‘broad church’, such concepts that it does support and aligns to … Continue reading Menzies House – Dedicated Community of Writers, Thinkers & Activists
Australian & New Zealand Students For Liberty (ANZSFL) is a rapidly growing network of pro-liberty students. Their mission is to provide a forum of support for students and student organisations. They work to achieve their objectives by identifying student leaders and training them to benefit, empower, and change their communities. It began as a small … Continue reading Australian & New Zealand Students For Liberty