- The Guardian
- Issue #1962
In last week’s Guardian, the article on the budget stated that the third stage of personal income tax cuts had not passed the Senate. This is incorrect. They did pass and the government is still planning to implement them in 2023-24. Those on high incomes are the main beneficiaries of the $17 billion in tax cuts. The government failed to pass a reduction in company income tax for businesses with a turnover of more than $50 million. The income tax on companies below the threshold is being reduced from thirty to twenty-five cents in the dollar.
