News by Samantha Maiden Treasurer Josh Frydenberg is set to extend the tax rebate known as The Lamington in Tuesday s Budget, delivering a tax cut worth up to $2160 for couples. The temporary tax relief was due to be phased out this year but with an election looming the Morrison Government will extend it at a cost of $7 billion. Known as the Low and Middle Income Tax Offset (LMITO), or colloquially as The Lamington , the offset is payable when you lodge your tax return. In Tuesday s Budget the Treasurer will confirm it s been extended for another year - leaving the painful decision on when to cut it until after the federal election.
Budget 2021: What we know so far
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Treasurer Josh Frydenberg is putting the finishing touches to a budget that will continue to focus on economic recovery from the coronavirus-induced recession, try to improve the governmentâs standing with women and address the crunch posed by the ageing population.
After being moved to October last year because of the pandemic, the budget returns to its usual second Tuesday in May timeslot, this year on May 11.
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But while the economy is recovering more strongly than was expected last year, Mr Frydenberg has pledged to continue the big spending to underpin job creation, especially for industries that remain affected such as tourism.
Switzer Daily
3 May 2021
Share markets were flat to down over
the last week. Good economic activity data, strong earnings and more US stimulus
saw US shares push to a new record high, but they ended flat for the week with
inflation concerns resurfacing on Friday. Eurozone shares fell -0.5% over the
last week, Japanese shares fell -0.7% and Chinese shares lost -0.2%. For April
as a whole US shares rose 5.2% and global shares gained 3.9%. While Australian
shares gained 3.5% in April, they fell -0.5% over the past week as the local
market continues to work off technically overbought conditions after its
Switzer Daily
26 April 2021
Share markets generally fell over the
last week with first worries about the resurgence in global coronavirus cases
and then reports that President Biden will propose a doubling in capital gains
tax for high income earners weighing on markets. Although Chinese shares
managed to rise from a double bottom after sharp falls since February, US,
European and Japanese shares fell. Despite the weak US lead, Australian shares
were little changed, with sharp falls in energy, IT and property stocks being
partly offset by gains in health, industrial and material shares. Bond yields
fell slightly in the US, Japan and Australia but were flat in Europe. The
analysis
Australia s tax system favours men over women so it s time to make the budget more female-friendly
Posted 2
updated 29
The tax system favours men over women, partly because they are in higher-paying jobs.
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Federal politicians on both sides have delivered tax policy changes, including personal income tax cuts and superannuation tax concessions, that aim to alleviate pressure on working Australians.
These policies are not inherently discriminatory, but some experts have noted they are inadvertently leading to inequality, not only between the rich and poor, but between men and women.
Under our current progressive tax system, the average tax rate, or the total amount of tax paid as a percentage of income, increases as the taxpayer s income increases.