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The 2008 Australian Budget
The 2008/09 Australian Budget provides for a projected Budget surplus
for next year of a record $21.7 billion, in the ALP's first Budget for 13 years.
Migration:
- An extra 31,000 skilled migrant places a year will added to the Migration
program to assist employers struggling with labour shortages.
- Of next years total migration program's 190,300 places, permanent skilled
migration will be 133,500. The family stream will be increased to 56,500.
Tax:
- From 1 July 2008, the main Income Tax threshold of 40 per cent will increase to $80,000 and
the 45 per cent threshold will increase to $180,000. (As declared in the
2007 Budget) The 45% rate will reduce to 40% by 2013/14.
- Medicare levy surcharge threshold to be increased from $50,000 to
$100,000 for singles, and from $100,000 to $150,000 for couples.
- Increasing the low income tax offset from $750 to $1,200.
Benefits:
- The Baby Bonus is to be means tested, meaning that no family with a
household income exceeding $75,000 for the six months after date of birth will
be eligible for this bonus. From January 2009 it will also be paid
fortnightly instead of as a One Off lump sum.
- Family Tax Benefit (FTB) Part B will be limited to families where
the primary earner has an adjusted taxable income of $150,000 or less.
- Child Care Benefit will now be paid only to those earning under
$110,000, although it increases from 30% to 50%.
Education:
- 50 per cent tax refund on education expenses for school
students (maximum $375 per Primary child and $750 per secondary child, per
year).
- The Federal Government will increase funding for private schools
from $3.1 million to $3.5 million over a five-year period.
Employment:
- Plans to cut Wages growth down to 4% from the current 4.25% pa growth
- Employment growth to slow from 2.5% to 1.25%
The 2007 Australian Budget
The 2007/08 Australian Budget provides for an underlying cash surplus of $10.6 billion,
the Liberal Government's tenth surplus.
Personal income tax reform
All taxpayers will benefit from a further $31.5 billion in tax cuts over the
next four years.
From 1 July 2007, the low income tax offset will increase to $750 per year and
the 30 per cent threshold will rise from $25,000 to $30,000.
From 1 July 2008, the 40 per cent threshold will increase to $80,000 and the 45
per cent threshold will increase to $180,000.
Realising Our Potential
$5 billion will be invested in a new Higher Education Endowment Fund to provide
a perpetual source of funding for university capital works and research
facilities.
$3.5 billion of additional funding for education and training.
Other key initiatives
From 1 July 2007, rates of Child Care Benefit will increase by 10 per cent on
top of indexation. The Child Care Tax Rebate will be available as a direct
payment shortly after the end of the year.
One off doubling of superannuation co-contribution for eligible contributions
made in 2005/06, to improve superannuation savings for low income earners by
$1.1 billion.
$500 one off bonus payment, to ensure older Australians share in the economic
growth they helped create.
http://www.ato.gov.au/budget/index.htm
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