Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Thursday, 5 December 1974
Page: 4794


Mr Snedden asked the Treasurer, upon notice:

(   1 ) What would be the estimated cost to the Commonwealth in 1 973-74 of extending the $ 1 ,200 deduction for life insurance premiums and superannuation payments to all taxpayers, regardless of their expenditure on these items.

(2)   What would be the required across-the-board increase in personal income tax rates to offset the cost of extending the $ 1 ,200 deduction to all taxpayers.


Mr Crean - The answer to the right honourable member's question is as follows:

(1)   Based on statistics for the 1972-73 income year of income tax assessments issued in 1973-74, it is estimated that the cost to income tax revenue that would have resulted from allowing a deduction of $1,200 in respect of life insurance premiums and superannuation payments to all taxpayers, regardless of the amount of their expenditure, if any, on these items, is estimated at about $ 1 , 1 80m.

(2)   The across-the-board increase in personal income tax rates for the 1972-73 financial year that would have been required to offset the cost of extending the $1,200 deduction to all taxpayers is estimated at about 42 per cent.







Suggest corrections