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Budget 2006: Great budget for rural and regional communities.



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Media release

GREAT BUDGET FOR RURAL AND REGIONAL COMMUNITIES

Tuesday, 9 May 2006

Families, businesses and communities across rural and regional New South Wales are set to benefit from the Nationals / Liberal 2006 Budget thanks to tax cuts and increases to family tax benefits, favourable changes to childcare place availability, increased funding to local governments for Roads to Recovery, and a relaxation of rural property values for pension assets tests.

The Nationals Senator for New South Wales Fiona Nash said the 2006 Federal Budget is great news for the people, businesses and communities across the State.

"The Nationals argued strongly for tax reform and benefits for families," Senator Nash said.

"From 1 July 2006 taxpayers will see their tax thresholds reduced."

The 15% threshold will apply to taxpayers earning between $6001 and $25,000 (previously $6001 - $21,600), the 30% threshold applies to those earning between $25,001 and $75,000 (previously $21,601 - $63,000), the current 42% threshold has been reduced to 40% and applies to those earning between $75,001-$150,000 (previously $63,901 - $95,000) and the current 47% threshold has been cut to 45% for those earning $150,001 and above (previously $95,001 and above).

"Changes to reduce the complexity of business tax arrangements is good news for small business.

"Eligible families will benefit from increases to family tax benefits. A single income family with three children on $40,000 will receive an extra $40 per week.

"Removing the limit on the number of subsidised Outside School Hours Care and Family Day Care places will see an increase in the availability of childcare places and any new service set up by an eligible group will be funded by the National / Liberal Government.

"A funding boost to local governments for Roads to Recovery funding of an additional $307.5 million before 30 June 2006, on top of the existing $300 million dollar annual funding will allow for a doubling of roads to recovery construction during financial year 2006-07.

"From 1 January 2007 older Australians with a 20-year connection with the land and

previously unable to access the Age and Service pension because of the value of their rural property, who meet the criteria, will have their property value exempt from pension asset tests.

"The 2006 National / Liberal budget is a strong and responsible budget that will deliver real benefits to the people, businesses and communities across rural and regional New South Wales.

Media Contact: Julie Siegert 0429 818 600