Senator Fiona Nash

PERSONAL INCOME TAX CUTS FOR EVERY TAXPAYER IN RICHMOND

From Sunday, taxpayers in Richmond will receive tax cuts of up to $1,100 per year thanks to changes to personal tax announced by the Federal Coalition Government in this year’s federal budget, NSW Nationals Senator Fiona Nash said today. Senator Nash explained tax cuts for a person on a wage between $30,000 and $40,000 will amount to $1,100 per year, and $850 per year for someone on the average wage of $46,239. “These tax cuts provided by the Federal Coalition Government will increase disposable incomes and improve work incentives for lower income and part-time workers, which in turn helps employers to find staff in what has become a tight labour market,” Senator Nash said. Other tax changes outlined in the budget which come into effect on July 1 include: • Low-income earners will not pay income tax until their annual income exceeds $11,000, an increase of $1,000; • Taxpayers will not move on to the 30 per cent rate until their income exceeds $30,000, an increase of $5,000. Senator Nash said there were a range of other budget initiatives, some of which Richmond residents were already benefiting from: Superannuation The Coalition Government will pay a one-off additional co-contribution into the superannuation accounts of individuals who made eligible contributions in the 2005-06 income year. This payment will double the co-contribution paid in respect of that year, and contribute an additional $1.1 billion to the retirement savings of low to middle income earning Australians. The Government has abolished tax on superannuation benefits from a taxed fund to people aged 60 and above from 1 July 2007. Child Care The Child Care Benefit will be increased by 10 per cent, on top of indexation, and the payment of the Child Care Tax Rebate brought forward. The increased Child Care Benefit will provide additional help to over 700,000 families across the country. Age Pensioners and Self-funded Retirees The Government has provided a bonus of $500 to individuals eligible for either the Utilities Allowance or the Seniors Concession Allowance. For a couple this payment amounts to $1,000 where each member is eligible. Support for Veterans From July 2007 the per-fortnight payment of Special Rate Disability Pension will increase by $50 and the Intermediate Rate Pension by $25 at an estimated cost of $162.8 million over four years. This will benefit around 29,600 veterans. Support for carers The Government has provided a one-off $1,000 payment to recipients of the Carer Payment and a $600 bonus payment to recipients of the Carer Allowance. This is the fourth year in a row that these bonuses have been paid. Media contact: Julie Siegert 0429 818 600

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