KAP PUSH FOR FAMILIES’ TAX CONCESSIONS

KENNEDY MP Bob Katter is calling for an income splitting scheme to be established for tax purposes in a bid to return more money to families with multiple children and a single income.

The MP said the government needed to pull policy levers to encourage families to have more children.

Australian Bureau of Statistics data shows that in 2020 there were 294,369 births, which is lower than it has been since the early 2000s.

“Double income no kids (DINKS) couples are paying tax at the same rate as families with a stay-at-home wife or husband and three kids. How can anyone consider this to be fair,” Mr Katter said.

“Income tax splitting should be legalised for families with a single income and children, and pro-rated down for less deserving situations. The income earner should be able to split their income with the number of people dependent on that income.

“This would drop them down to the lowest tax bracket. It would mean these families where the income earner makes $80,000 to $90,000 would get around $20,000 back at tax time.

“Those that can pay more will. Those that need more, will get more.”

Mr Katter said it should be “one for Mum, one for Dad, one for Australia and one for Bob”.

Herbert candidate Clynton Hawk said this could save people upwards of $20,000 a tax cycle by dropping the tax bracket and giving families more disposable income.

“Families have found it difficult over the past 18 months with skyrocketing rent, food and fuel to keep afloat,” he said.

KAP has also proposed a $100 a week increase to the age pension.