Posted: 19 October, 2016 by Newsroom

Most Young Aussies Won’t Benefit From The Latest Round Of Tax Cuts

Tags: tax

Young people could be the big losers when it comes to the latest government tax cuts.

The Australian federal parliament voted to spend $4 billion on income tax cuts for Australians earning over $80,000 a year, a change which would benefit 20% of all income earners.

According to Junkee, only 7% of people aged 18-29 will benefit from the tax cut. However nearly one in four employed Australians aged 50-65 will be eligible for the tax cut. 

Tax data says that most 18-29 year olds earn less than $55,000 a year, which means they usually do not benefit from tax cuts given to high income earners.

The Greens also found that the cut will help 28% of male taxpayers, but just 13% of females will benefit.

"The bill will deliver an extra $315 a year to the top 20 per cent of earners, including some of the wealthiest people in the country," said Greens treasury spokesman Peter Whish-Wilson. "Many are well beyond the group most affected by bracket creep."

Tags: tax

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