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$37 billion in tax cuts centrepiece of budget
By MATT WADE 7.30pm update from Canberra
May 9, 2006
MAIN POINTS
Economic data forecasts, 2006-07
Economy hits $1 trillion
Revenue of $231.7bn
$10.8b cash surplus
GDP growth 3.25 per cent
CPI growth 2.75 per cent
Tax
42% rate cut to 40%
47% rate cut to 45%
Tax thresholds increased
Low income tax offsets up
FBT cut to 46.5%
Tax free super benefits for over 60s
Key spending
$2.3b roads and rail
$905m medical research
$538m mental health services
$241m doctor, nurse training
$993m family entitlements
$497m large family supplement
$623m for military
$1.9b heavy airlift defence aircraft
$802m for intelligence agencies
$644m for airport security
$3.7b business tax deductions
Tax cuts worth $37 billion, including reductions in the top two rates of tax, are the centrepiece of Peter Costello's 11th budget.
In an unexpected move, the Treasurer also revealed a plan to streamline the superannuation system and deliver tax benefits, especially to high income earners.
The top tax rate of 47 per cent will fall to 45 per cent and the 42 per cent rate will drop to 40 per cent from July 1. This will give those earning $150,000 a year a windfall of $120 a week.
Those with a $1 million-income will be $450 a week better off.
But the sweeping tax overhaul did not leave out low- and middle-income earners.
The threshold at which the 30 per cent rate applies has been lifted from $21,601 to $25,001. This rate will now apply up to $75,000.
The low-income tax offset will be lifted from $235 to $600. This will apply to all incomes below $25,000 and phase out between $25,000 and $40,000.
When combined with family tax benefit changes, a dual-income family earning $60,000 a year will be $35 a week better from the budget. A single-income family earning $40,000 a year will get a $40 a week windfall.
The cuts to the top two rates of tax were accompanied by threshold changes. The new 40 per cent rate will apply from $75,000 to $150,000 and the new top 45 per cent rate above that.
Fringe benefits tax will also be reduced to 47.5 per cent, a cut in line with the reduction in the top marginal rate of tax.
Business will also benefit from changes to depreciation worth $3.7 billion.
The maximum rate of Family Tax Benefit Part A will be expanded to families on incomes up to $40,000 (up from $33,361). The Large Family Supplement of $248 a year, which previously applied to those with four children, will now go to those with three children.
The Government will also boost the supply of child-care places by 25,000 by removing the cap on the number of outside school hours care and family day-care places.
Despite the new spending, the budget surplus next financial year is forecast to be $10.8 billion. The budget forecasts solid economic growth in 2006-07 of 3.25 per cent, up from 2.5 per cent this financial year. The surplus for this financial year is expected to be $14.8 billion.
Other key budget measures:
- A one-off payment of $102.80, before June 30, for households eligible for the Utilities Allowance and self-funded retirees with a Concession Allowance.
- $2.3 billion in road and rail funding including upgrades of the Hume, Bruce and Pacific highways.
- $500 million to improve the Murray-Darling River basin.
- An increase in spending on defence, including $1.9 billion to acquire new C-17 aircraft.
- $1.5 billion in new spending on terrorism prevention including airport security upgrades.
- Underlying $10.8 billion cash surplus.
- Economic growth forecast of 3.25 per cent.
Tax
- Personal tax cuts of $36.7 billion over four years.
- Tax thresholds increased across the board.
- 42 per cent tax rate cut to 40 per cent; 47 per cent rate cut to 45 per cent.
- Low income tax offsets increased.
- Fringe benefits tax cut to 46.5 per cent. |
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安居乐业之找工记 (2006-5-15) sail 
发表于 2006-5-9 20:46
