BUDGET 2018: Bracket creep, wage growth and avoidance crackdowns fuel tax take rise

Thu, 17 May 2018

By Pattrick Smellie May 17 (BusinessDesk) - Rising wages that take people into higher tax brackets, a growing population fueling economic activity, and a series of new revenue-gathering crackdowns are forecast to yield the government $5.7 billion more tax revenue over the five years to June 2022 than was expected just six months ago, Budget documents say. Higher personal and corporate tax takes in the current fiscal year are "expected to persist", the Treasury's Budget and Fiscal Update says, meaning a substantial increase from the foreca...

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