Federal Member for Capricornia Michelle Landry has welcomed more tax cuts for hard working Central Queenslanders.
As part of the 2021-22 Budget the Government is:
- Providing tax relief for more than 10 million hard-working Australians, to put more money in their pockets to spend in small businesses across the country helping to create jobs
- Incentivising business to invest, creating more economic activity and more jobs
- Investing in skills and training to fill skills shortages and to provide Australians with the skills they need to get a job
- Investing in more infrastructure to boost the nation’s productivity and to create more jobs
- Backing our manufacturing sector to diversify our economy and to create more jobs
- Boosting workforce participation by making childcare more affordable
Tax Relief
- To secure Australia’s recovery the budget provides an additional tax cut to more than 10 million low- and middle-income earners.
- It will see low- and middle-income earners benefit by up to $1,080 for individuals or $2,160 for couples.
- This is more money to spend in local businesses, giving them the confidence to take on an extra worker, offer an extra shift or buy a new piece of equipment.
- To support further job creation the Government will extend temporary full expensing and the loss carry back measure announced in last year’s budget for another year.
- This will allow more than 99 per cent of businesses employing 11.5 million Australians to deduct the full cost of eligible depreciable assets of any value in the year they are installed until 30 June 2023.
- It will also allow companies with turnover up to $5 billion to offset losses for the 2019-20, 2020-21, 2021-22 and now 2022-23 income years against previously taxed profits from 2018-19 or subsequent years to generate a refund.
“Your taxes will always be lower under a Federal Coalition Government. Central Queenslanders will always have more money to spend under a Federal Coalition Government” Ms Landry said
