A taxing week ahead in the senate

June 15, 2018

Ahead of federal parliament resuming on Monday, Labor says it will negotiate with the coalition to deliver personal income tax cuts for low-income earners while Finance Minister Mathiais Cormann insists the government wants the full package of tax cuts passed in the coming fortnight of sittings.

Channel 9 reports, the coalition appears to be one vote short of the eight it needs to get the package through the Senate with Conservatives leader Cory Bernardi and fellow crossbench senators David Leyonhjelm, Fraser Anning and Derryn Hinch all supportive of the package as it stands.

Former One Nation senator Brian Burston is also expected to endorse it, having left Pauline Hanson's party on Thursday.

The two Centre Alliance senators, Rex Patrick and Stirling Griff, could also be on the government's side, but have not yet committed their support.

The cuts from July 1 would see a low and middle-income tax cut offset introduced - worth up to $530 for individuals - and the 32.5 per cent threshold increased from $87,000 to $90,000.

The biggest sticking point for opponents of the whole package is the tax cut pencilled in for 2024.

Stage three of the plan would increase the top 45 per cent tax rate threshold from $180,000 to $200,000 while abolishing the 37 per cent tax rate, leaving all taxpayers earning between $41,000 and $200,000 on a rate of 32.5 per cent.

Senator Bernardi has told Ben Fordham on Sky News the flip flopping demonstrated by Senator Hanson on such an important econnomic matter as taxation is yet another reason why you should vote for the Conservatives in the Senate at the next federal election.

To read the Conservative Party's policies on taxation, click here.

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