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Families big winners in Budget
By Katie Franklin and Ben Hays
Every income earner across the country will receive tax cuts and, as expected, families are the big winners, in Treasurer Peter Costello's 11th Budget announced in Federal Parliament tonight.
Mr Costello has also announced a plan for sweeping changes to Australia's superannuation system and has forecast an underlying cash surplus of $10.8 billion for 2006/07.
The announcement of universal tax cuts flies in the face of warnings from economists, concerned about the effect of putting money back in consumers' pockets after the Reserve Bank of Australia last week increased interest rates to temper consumer spending.
But Mr Costello says in an effort to encourage Australians into the workforce, tax cuts worth $36.7 billion over the next four years have been delivered to all, to take effect from July 1, 2006.
The 30 per cent threshold will increase from $21,600 to $25,001, the 42 per cent marginal tax rate will be cut to 40 per cent and the threshold will increase to $75,001.
Mr Costello says only 2 per cent of taxpayers will be subject to the top marginal tax rate of 45 per cent, down from 47 per cent, with the threshold increasing to $150,001.
In real terms the cuts will deliver annual tax savings of $365 for those earning up to $20,000, $510 for those on $40,000 to $60,000 and $2,700 for those earning $100,000.
The Low Income Tax Offset (LITO) will increase from $235 to $600 and will begin to phase-out from $25,000, up from $21,600.
In addition, those eligible for the full LITO will not pay tax until their annual income exceeds $10,000.
The Fringe Benefits Tax rate will be cut to 46.5 per cent.
Families to benefit
The Treasurer's 11th Budget is, as promised, family-friendly, delivering increased family payments and additional childcare places.
Integral to the Government's family package is its decision to raise the lower income threshold level for Family Tax Benefit Part A.
From July 1, families will now be able to earn $40,000 a year, up from $33,361, without having their entitlement reduced.
The Government says the measure will put an extra $9.60 per fortnight in the pockets of around 480,000 families with dependent children.
In addition, the Large Family Supplement of $248 a year - currently received by families with four children or more - will be extended to eligible families with three children with effect from July 1.
In an effort to improve the supply of child care, the Government will remove the cap on the number of Outside School Hours Care and Family Day Care places, at a cost of $60 million over four years.
The Government estimates an extra 25,000 places will be created by the measure.
Superannuation overhaul
The Treasurer has also announced a plan that would see sweeping changes to Australia's superannuation system.
Under the plan, Australians aged 60 and over, who have already paid tax on their superannuation contributions and earnings, would not pay tax on their superannuation benefits from July 1 2007.
Mr Costello says this would provide an incentive to continue to work because superannuation benefits would no longer be considered assessable income.
The plan would also abolish reasonable benefit limits and the ability to make deductible superannuation contributions would be extended to the age of 75.
Pensioners will also benefit from a reduction in the assets test taper rate from $3 for every $1,000 of assets, to $1.50 for every $1,000. This will take affect from September 20, 2007. |
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stray in sydney (2005-1-25) 风风 
发表于 2006-5-9 20:08
不是说对SUPER CONTRIBUTION 的CONCESSIONAL TAX TREATMENT继续保留吗,如果不用交税就好了
