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
Tuesday, 19 August 1980
Page: 452

Mr Armitage (CHIFLEY, NEW SOUTH WALES) asked the Treasurer, upon notice, on 22 May 1980:

Further to question No. 369 1 concerning the estimated cost to revenue for the full year if Medical and Hospital Fund contributions were to be made a deduction for taxation purposes, and his reply that the estimated cost to income tax revenue for the 1979-80 income year is an amount to the order of $500m (Hansard, 14 May 1980, page 2766), what are the precise details as to how this amount was calculated.

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

The amount was calculated on the assumptions that contributions to medical and hospital funds in 1979-80 would be about SI, 700m, that of this amount about $ 1,500m would be allowable as deductions in returns of taxable individuals, and that the overall marginal rate of tax would be about 34 per cent.

Suggest corrections