The Albanese government is poised to announce a major tax break for working Australians as a cost-of-living relief measure in the next budget.\u00a0\u00a0<\/p>\n
Treasurer Jim Chalmers is considering green lighting an \u201cearned income offset\u201d up to $300 for every taxpaying wage or salary earner, The Australian reports.\u00a0\u00a0<\/p>\n
The measure would apply only to earned\u00a0income and\u00a0exclude investment gains.\u00a0\u00a0<\/p>\n
Labor is looking at raising further cash from tax breaks and incentives for property investors, including the CGT break and negative gearing policies.\u00a0\u00a0<\/p>\n
It is\u00a0also preparing to crack down on family trusts.\u00a0<\/p>\n
It comes as the government is keen to\u00a0be seen as shifting taxation to assets over wages and\u00a0address\u00a0\u201cintergenerational\u201d inequities.\u00a0<\/p>\n
However, the government has been warned by the International Monetary Fund (IMF) to resist the urge to provide further stimulus to the economy.\u00a0\u00a0<\/p>\n
The Reserve Bank of Australia (RBA) has also hoped for \u201crock solid\u201d fiscal support for its efforts to beat down inflation.\u00a0\u00a0<\/p>\n
Investment advisory boss Tom Gardner told Sky News on Tuesday he would rather see the asset tax crackdown without\u00a0additional\u00a0tax breaks for earners.\u00a0\u00a0<\/p>\n
\u201cI\u2019d rather see all those changes made and no tax cuts,\u201d the Motley Fool CEO said.\u00a0\u00a0<\/p>\n
He joked he was not being \u201cMr\u00a0Popular\u201d with his position.\u00a0\u00a0<\/p>\n
“We need to do two things: We need to get the budget back under control and we need to do everything we can to get inflation down,\u201d he continued.\u00a0\u00a0<\/p>\n
\u201cIf\u00a0you’re\u00a0going to give people money, give it to them\u00a0later, once\u00a0inflation has been solved.\u00a0<\/p>\n
\u201cThe reality is, the political pressure is they’re going to have to be seen to be doing something on cost-of-living … and if they don\u2019t, the Opposition jump all over them.\u00a0<\/p>\n
\u201cThere’s a political reality to it. I\u00a0don’t\u00a0think any economist is going to say, whatever else you do in the budget,\u00a0don’t\u00a0give this money out.\u201d\u00a0<\/p>\n
Mr Chalmers reinforced his government\u2019s big pitch ahead of the May 12 budget on Monday in Canberra.\u00a0<\/p>\n
\u201cWe\u2019ve already got tax cuts coming. We\u2019ve got a tax cut coming on July 1, another one coming on July 1 next year,” he said.\u00a0<\/p>\n
\u201cA big part of the budget will be more than $2.5 billion we\u2019re spending on the fuel tax cut, and we\u2019ve got the standard deduction coming as well.\u00a0<\/p>\n
\u201cSo,\u00a0I\u2019ve\u00a0seen some speculation about tax cuts. I would just remind everyone that this is a government cutting taxes, cutting income taxes.\u00a0<\/p>\n
“We\u2019ve done it once, we\u2019ll do it two more times, and the standard deduction will provide a bit of additional tax relief as well. That\u2019s already in the system.\u201d\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"The Albanese government is poised to announce a major tax break for working Australians as a cost-of-living relief…\n","protected":false},"author":2,"featured_media":650113,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,1480,99,314401,164,42086,35402,102767,4961,119001],"class_list":["post-650112","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-budget","tag-business","tag-earner","tag-economy","tag-jim-chalmers","tag-may","tag-offset","tag-tax","tag-wage"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/650112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=650112"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/650112\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/650113"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=650112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=650112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=650112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}