Core Value FAMILY
Family First is committed to significantly reducing income tax on the Australian people by raising revenue through our abundant natural resources
Family First seeks to implement taxation policies that will encourage couples to marry and start families sooner. Such policies also seek to reduce the cost of childcare by enabling families to afford to have a parent at home full time. Family First will work to build families through the following tax incentives:
Tax Free Threshold
Increase the tax-free threshold to $30,000 and review the income tax brackets with a view to significantly reducing or eliminating income tax in the long term.
Incoming splitting
Allow married couples to file their tax returns jointly to minimise their total tax burden. For example, where one partner doesn’t work the total income of the other partner is split between both parties equally and the total tax reduced accordingly.
Reductions for families
Where a married couple with children has one dependent spouse as the primary caregiver, the following fortnightly amounts of family tax reductions can be applied to the primary earner's income:
- $450 per fortnight if there is one dependent child
- $550 per fortnight per child if there are two dependent children, or
- $650 per fortnight per child if there are three or more dependent children
Reductions for mothers under age 30
Women older than age 20 but not older than age 30 after giving birth, or adopting a child, are able to decrease their taxable income by a total fortnightly amount of $250.
Reductions for mothers raising 3 or more children
Mothers – regardless of their age – raising 3 or more children, will be eligible for a personal income tax exemption on all future income for life.
Reductions for first-time married couples
Couples who marry are able to decrease their taxable income by a total fortnightly amount of $300. One requirement for this tax reduction is that at least one member of the couple must marry for the first time. The reduction is available for a maximum period of 24 months. There is no age limit on eligibility for this allowance.
Reductions for long-time married couples
Married couples who have remained married to the same person for more than 10 years are able to decrease their taxable income by applying the following reductions:
- 10 –20 years $250 per fortnight:
- 20-30 years $350 per fortnight
- 30+ years $450 per fortnight
Reductions for retired workers
Anyone who chooses to continue to work beyond the age of 70 years will be eligible for a personal income tax exemption on all future income for life.