Personal Income Tax Cuts

The Commonwealth Treasurer: "From 1 July 2005, all Australian taxpayers will share in tax cuts worth $21.7 billion over the next four years. This is in addition to the $14.7 billion in tax cuts provided in last year’s Budget.

The 2005-06 Budget tax cuts will boost disposable incomes and improve the incentives for all Australian taxpayers to participate in the workforce, to invest and to save. They will also improve the international competitiveness of Australia’s personal income tax system by substantially raising the thresholds for the top two marginal tax rates."