Australian Treasurer Wayne Swan announced on Tuesday a range of new tax relief measures would take effect from tomorrow to help business and jobs in the midst of the global economic downturn.
Income tax cuts, refunds for education expenses and increased child care benefits form part of a new wave of stimulus for the economy. These measures are additional to the one-off welfare and tax bonuses handed out this year.
"These payments have overwhelmingly benefited low and middle-income Australians and have been very effective in supporting business activity, limiting job losses and keeping Australia from falling into technical recession," Swan said in a statement.
Upmarket retailer David Jones applauded the government's stimulus packages and a more stable stock market for an expected 20 to 30 percent jump in its profits for the second half of 2009, compared with a previous estimate of zero to five percent growth.
"The stimulus package has been important for confidence, but equally important to us has been the stabilization of the stock market," David Jones chief Mark McInnes told journalists.
From the start of the new financial year on Wednesday, the 30 percent marginal tax rate threshold will rise to 28,502 from 27,684 U.S. dollars, the 40 percent marginal tax rate will be cut to 38 percent and the low income tax offset will rise to 1,097 from 976 U.S. dollars.
Among other initiatives, families can claim up to 609 U.S. dollars for education expenses, while child care support and the baby bonus will increase.
Source: Xinhua
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