·
All taxpayers will
benefit from a further $31.5 billion in tax cuts over the next four years.
·
From 1 July 2007,
the low income tax offset will increase from $600 to $750 per year and the 30
per cent threshold will rise from $25,000 to $30,000.
·
This will further
reward effort and improve work incentives for lower income and part‑time
workers.
·
From 1 July 2008,
the 40 per cent threshold will increase to $80,000 and the 45 per cent
threshold will increase to $180,000.
·
From 1 July 2007,
rates of Child Care Benefit will increase by 10 per cent on top of indexation.
·
From 1 July 2007,
the Child Care Tax Rebate will be available as a direct payment shortly after
the end of the year.
·
One‑off
doubling of superannuation co‑contribution for eligible contributions
made in 2005‑06 to improve superannuation savings for low income earners
by $1.1 billion.
·
$500 one‑off
bonus payment, to ensure older Australians share in the economic growth they
helped create.
·
$1,000 bonus payment
to recipients of the Carer Payment and recipients of both the Carer Allowance
and either the Wife Pension or Veterans' Affairs Partner Service Pension.
·
$600 bonus payment
to recipients of the Carer Allowance.
·
These bonuses will
be tax‑free and paid by 30 June 2007.