The government of Australia is offering some income tax relief to employees in highly paid industries. It’s a move that the mining industry is embracing.
Relief will come in three phases. First, a low and middle income tax offset will increase the 32.5% personal income tax bracket to A$90,000 from A$87,000. The second stage will begin in 2022-23 and will further boost the 32.5% bracket to A$120,000 from A$90,000. The 19.0% bracket will also be moved up to A$41,000 from A$37,000. The final phase will be introduced in 2024-25. Then 32.5% bracket will rise to A$200,000 from A$120,000. The 37% bracket will be eliminated, and the 45% bracket will jump to A$200,001 from A$180,000.
The changes are being lauded for their potential to stimulate the Australian economy in remote and resource-rich regions.
This article first appeared in the Canadian Mining Journal
