A PERSONAL Income Tax Plan announced in this week’s Federal Budget is set to benefit Wimmera wage earners.
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The plan includes both income tax cuts and measures to stop workers from reaching a higher tax bracket.
Treasury stated that 94 per cent of all taxpayers were projected to pay no more than 32.5 cents in the dollar in 2024–25.
Treasurer Scott Morrison said the budget aimed to target personal income tax cuts to low and middle-income taxpayers, helping to relieve cost-of-living pressures.
A new, non-refundable tax offset will provide up to $530 to low and middle-income earners each year.
The government has committed $1.6 billion to provide about 14,000 additional high-level home care packages, enabling people to live in their own home for longer.
There will also be easier access to Youth Allowance payments that provide support for regional students taking up tertiary studies away from home.
The parental income cut-off to be eligible for the payments will increase from $150,000 to $160,000, with another $10,000 increase to the cut-off for each additional child.