This proposal involves the following components.

Component 1: Do not proceed with the scheduled decrease in the marginal tax rate from 32.5 per cent to 30 per cent for taxable incomes between $45,000 and $200,000 from 1 July 2024.

Component 2: Do not proceed with the scheduled removal of the 37 per cent tax bracket and the scheduled increase of the lower threshold for the 45 per cent tax bracket from $180,000 to $200,000 from 1 July 2024.

Component 3: Do not proceed with the scheduled increase in the upper threshold for the 32.5 per cent marginal tax rate from $90,000 to $120,000 from 1 July 2022.

Component 4: Do not proceed with the scheduled increase in the upper threshold for the 19 per cent marginal tax rate from $41,000 to $45,000 from 1 July 2022.

Component 5: Do not proceed with the scheduled increase in the upper threshold for the 19 per cent marginal tax rate from $37,000 to $41,000 from 1 July 2022.

Component 6: Do not proceed with the scheduled increase in the low income tax offset from a maximum of $645 to a maximum of $700 for taxable incomes up to $66,667 from 1 July 2022.

Component 7: Do not proceed with the scheduled increase in the low income tax offset from a maximum of $445 to a maximum of $645 for taxable incomes up to $66,667 from 1 July 2022.

The financial implications of this proposal include interactions with another Australian Labor Party proposal, Labor’s fairer income tax cuts (PER411).