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Budget 2004: Tax cuts for Hunter families.



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Sandy Macdonald The Nationals Senator for NSW www.sandymacdonald.com.au 11 May 2004

Tax Cuts for Hunter families Families in the Hunter Valley will benefit from an assistance package and personal tax cuts announced in tonight’s Federal budget, NSW Senator Sandy Macdonald has announced.

“The Treasurer has announced that families will benefit from increased family assistance worth $19.2 billion over the next five years, which includes an increase in the rate of Family Tax Benefit (FTB), a doubling in the income test threshold for the FTB and a new Maternity Payment of $3,000 for newborns,” Senator Macdonald said.

“Personal tax cuts will also benefit all wage-earners, ensuring more than 80% of taxpayers remain in or below the 30% tax bracket.”

• The 42 percent threshold will be raised from $52,001 to $58,001 from July 1 2004 and raised again to $63,001 from 1 July 2005.

• The 47 per cent threshold will be raised from $62,501 to $70,001 from 1 July 2004 and raised again to $80,001 from 1 July 2005.

“Hunter wine producers will benefit from changes to the Wine Equalisation Tax, allowing each producer relief from the tax of up to $290,000 each year,” Senator Macdonald said.

“A package has also been announced by the Treasurer which will provide measures aimed at reducing compliance costs for small businesses and provide greater flexibility to taxpayers in managing their affairs.”

“The Australian Government has recently made commitments to boost funding to NSW Government and Catholic Schools, which has been further reinforced in tonight’s Budget.”

Senator Macdonald said the Howard/Anderson Government has also highlighted its continuing commitment to rural and regional health with an additional $6 million to support established rural specialists and continued funding for rural primary health and local Divisions of General Practice.

“Groups and individuals hoping to undertake environmental projects will be pleased to see $20 million in funding for the Australian Government’s Envirofund,” Senator Macdonald said.

“Overall, this budget will bring good news for families in the Hunter region because the economy has been well managed.”

Media Contact: Rachel Kingsford Smith 6277 3705 / 0427 570 506