Jane Hume (Victoria, Liberal Party, Shadow Minister for Employment and Industrial Relations) Share this | Hansard source

My question is for the Minister representing the Prime Minister, Senator Wong. I refer to an example in the government's own budget documents. Jack has a taxable income, before capital gains, of $25,000 and realises a capital gain of $10,000 on an asset that he purchased. Jack does not receive an income support payment, so he's not exempt from the minimum tax. The tax on Jack's capital gain of $10,000 is $1,400, or a tax rate of 14 per cent. As this is lower than 30 per cent, Jack pays an additional $1,600 in tax to bring the tax rate on his capital gain up to 30 per cent. This cannot be true. Why is the Albanese government forcing Australians earning $25,000 a year to pay $1,600 in additional tax through their high-taxing budget?