Fed:Tax cuts to provide economy more support:Swan
01 Jul 2009 2:38 AM
Treasurer WAYNE SWAN says the range of new tax relief measures that come into play from today will further help business and jobs in the face of the global recession.
Income tax cuts .. refunds for education expenses and increased child care benefits form part of a new wave of stimulus for the economy.
They come on top of the one-off welfare and tax bonuses dished out this year .. which Mr SWAN says have benefited low and middle-income Australians and supported business activity.
But the stimulus packages will see a huge run-up in government debt .. which opposition treasury spokesman JOE HOCKEY has noted have now passed 100 billion dollars.
>From today the 30 per cent marginal tax rate threshold will rise trom 34-thousnd to 35-thousand dollars .. the 40 per cent marginal tax rate will be cut to 38 per cent and the low income tax offset will rise from one-thousand-2-hundred to one thousand 350 dollars.
Among other initiatives .. families can claim up to 750 dollars for eduction expenses .. while child care support and the baby bonus will increase.
