You might have heard the term ‘bracket creep’ getting thrown around in the media when discussing the Stage 3 tax cuts. It’s all to do with marginal tax rates, wage increases and how they don’t account for inflation.
After the government announced changes to the Stage 3 tax cuts to give lower income earners more benefits, there is now momentum building to change other aspects of the tax system, such as negative gearing. Now that this idea is steadily growing stronger, its worth asking, how much does negative gearing actually cost the nation each year?
Despite its previous promises to keep the already legislated measures, the government has caved into pressure to change the stage 3 income cuts. New proposed tax rates have been flagged to come into place from 1 July 2024. So lets talk about these stage 3 income tax cuts.
No one likes paying the tax man… but unfortunately, we all have to. Some more than others. But when the big bad wolf comes knocking, it’s worth knowing where our tax money is going
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