Where Labor stands on govt tax policy

Where Labor stands on the Turnbull government's tax policies.

SEVEN-YEAR, THREE-STAGE PERSONAL INCOME TAX CUTS.

Stage One

* Labor SUPPORTS new low and middle-income tax offset worth up to $530 a year from July 1, 2018.

Stage Two

* Labor SUPPORTS a lift in the 32.5 per cent tax bracket from $87,000 to $90,000 from July 1, 2018.

* Labor does NOT support the remainder of Stage Two:

- An increase in the existing low-income tax offset from July 1, 2022.

- A further lift to the 32.5 per cent tax bracket from $90,000 to $120,000 from July 1, 2022.

Stage 3

* Labor does NOT support Stage Three:

- The removal of the 37 per cent bracket from July 1, 2024

- Extending the 32.5 per cent tax bracket from $120,000 to $200,000 from July 1, 2024.

TEN-YEAR ENTERPRISE TAX PLAN

* Labor only SUPPORTS a tax cut from 30 per cent to 25 per cent for small businesses with a turnover of up to $2 million.

- It has yet to decide whether in government it would reverse the legislation that gives a tax cut for businesses with a turnover of up to $50 million.