Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

As a result of our sound economic and fiscal management, we are now able to provide tax relief to reward and encourage working Australians: to help them deal with cost-of-living pressures; to address bracket creep, which is a drag on economic growth; and to simplify the tax system. Our seven-year personal income tax plan prioritises low- and middle-income earners, who will be provided with tax relief of up to $530 per year. Our plan also delivers a tax system that encourages aspirational Australians to get ahead, to take on additional work and to seek advancement knowing they can keep more of their extra income. We're extending for a further year the $20,000 instant asset write-off for small businesses with a turnover of up to $10 million, and, of course, we have legislated tax cuts for small and medium-sized businesses. Denita Wawn, CEO of Master Builders Australia, said:

Reducing the tax burden on households and small business is good for the economy and good for builders. People may decide to renovate their kitchen sooner or buy their first home faster.

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