Warning For Labor On Gearing

Warning For Labor On Gearing

Almost two-thirds of all investors who negatively gear property are on taxable incomes of less than $80,000 a year, according to new ATO data that suggests Labor’s policy to slash the widely used practice would hit lower-income earners with only one property.

Higher-income earners bore a larger share of the broader tax burden, according to the most recent ATO numbers, with 17% of the $186 billion collected in personal income tax paid by the top 1% of taxpayers. At the same time, 3.6 million households effectively pay no tax because of the increasing size of government handouts they are receiving.

Treasury analysis of tax records confirm the trend toward families increasingly shouldering the lion’s share, with workers on salaries of between $80,001 and $180,000 contributing 40% of the annual personal income tax take, despite representing less than a quarter of individual taxpayers.

With income tax looming as a major political issue ahead of the May 8 budget and next federal election, an OECD report confirms that Australia’s personal income tax take, as a share of total tax revenue, is the second highest in OECD member countries, after only Denmark.

要查看或添加评论,请登录

Trent Richards的更多文章

  • Record of broker market share hits 60%

    Record of broker market share hits 60%

    Mortgage brokers have accomplished their largest market share of housing loans in the past few months. Australia's…

  • Banks Hold Back Rate Cuts

    Banks Hold Back Rate Cuts

    More than half of Australia’s banks and other lenders have defied the Reserve Bank and the Federal Government by…

  • Auction Shows Market Confidence

    Auction Shows Market Confidence

    Sydney has recorded its most successful auction week in more than two years, with analysts saying market confidence has…

  • Strong Real Estate Market Sentiment

    Strong Real Estate Market Sentiment

    Consumers think now is the time to buy a house and expect house price increases, a new report shows. The Westpac…

  • Affordability Highest Point

    Affordability Highest Point

    Housing affordability has improved in most major Australian markets, according to two separate measures published in…

  • Markets Tripled in 20 Years

    Markets Tripled in 20 Years

    House prices in 111 Australian locations have trebled over the past two decades, according to research from…

  • RBA Demand Full Cut Interest Rates

    RBA Demand Full Cut Interest Rates

    Reserve Bank governor Philip Lowe has urged customers of ANZ and Westpac to take their business elsewhere because of…

  • House Price Increase

    House Price Increase

    The housing market downturn in the biggest cities is coming to an end, according to economists predicting a spike in…

  • RBA Cut Expect More Reductions

    RBA Cut Expect More Reductions

    Three years after last reducing the official interest rate, the Reserve Bank of Australia has announced a…

  • FHB Pushes to Property Market

    FHB Pushes to Property Market

    With a cash rate reduction looking almost certain next week, first-home buyers are gearing up to make their move into…

社区洞察

其他会员也浏览了