Elected Coalition to repeal Labor tax changes

The federal opposition plans to repeal negative gearing and capital gains tax if it wins office at the next election. During Coalition leader Angus Taylor's budget reply speech on Thursday night he announced a tax back guarantee by indexing income tax thresholds to inflation. "From 2028-29 we will index the bottom two tax thresholds to inflation - that will fully protect around 85 per cent of income earners with relief of $250, growing to more than $1000 a year in year four," Mr Taylor told parliament. "From 2031-32 we will index the top two tax thresholds as well - that will fully protect all income earners from inflation." It is one of seven measures a Coalition government would implement as it aims to lower the cost of living and make housing more affordable. Migration was a notable policy, and under a Coalition government migration would align to the number of new houses built. "The Coalition government under my leadership will axe Labor's toxic taxes, end Labor's mass immigration, and scrap Labor's net zero policies," he said. "We'll reserve the NDIS and 17 different welfare programs including job seeker, youth allowance and the family tax benefit for Australian citizens only and save taxpayers billions. "Where (natural) resource tax revenues are higher than forecast we will bank 80 cents in every dollar into a future generation fund - it will help to pay down Labor's over $1 trillion in debt. "We will enable businesses with a turnover of less than $10 million to immediately deduct assets of up to $50,000 (Labor's budget figure is $20k)." It also announced a $5 billion enabling infrastructure fund for new housing, up on the Labor budget's $2 billion funding equivalent. The Coalition's seven key measures announced include: • Tax Back Guarantee: ending Labor’s inflation tax by indexing income tax thresholds to inflation. • Migration and Housing Pledge: capping migration based on how many homes Australia builds. • Putting Australians First: reserving welfare payments and the NDIS for Australian citizens. • Future Generations Fund: banking resource windfalls to pay down debt and build national infrastructure. • Fuel Security Plan: delivering more fuel, more storage and more security for Australia. • Boosting Small Business Investment: allowing small businesses to immediately write-off assets costing up to $50,000. • Strengthening Australia’s Security: committing to a whole-of-nation National Security Strategy and at least 3 per cent of GDP on defence. Senator of Victoria Sarah Henderson said the coalition’s plan is about lower costs, more homes, stronger borders, secure energy and a fair go for Australians who work hard, save hard and want to get ahead," she said. “Government does not grow the economy, private enterprise does. "The job of government is to get the big things right, get off people’s backs and back Australians to build, invest, work and succeed. “We will restore Australians’ standard of living and protect our way of life.”

Elected Coalition to repeal Labor tax changes

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