Post by Cullyn Of Cerrmor on Dec 31, 2008 9:53:18 GMT 9.5
Rudd and Rees pick a pocket or two
Jacob Saulwick, Mark Metherell and Brian Robins | December 31, 2008
FAMILIES that adopt children aged between two and 16 will be eligible for the baby bonus from tomorrow, but others will miss out on the $5000 payment because of a new means test.
The new rules concerning the baby bonus are among many changes to fees and payments by the federal and state governments that will take effect from January 1 and concern families, university students, same-sex couples, health consumers and even truck owners.
In NSW, commuters face rises in bus, train and ferry fares, and property investors will be taxed again.
The baby bonus, which will shift from a one-off payment of $5000 to fortnightly instalments of $385 over half a year, will be granted only to families earning $75,000 or less in the six months after a baby is born. The new means test is expected to deny about 6 per cent of families from claiming the money.
The Federal Government will also extend the bonus to families who adopt children between the ages of two and 16.
From tomorrow, wealthy property investors will have to pay a 2 per cent marginal tax on land holdings valued at more than $2.25 million. The State Government said about 8500 land-tax payers would be affected.
The single train fare will rise to $3.20 tomorrow, from $2.60, and the single bus fare will rise to $1.90, from $1.80, on January 4. A DayTripper fare on the ferries will rise to $17 from $16.
Businesses will benefit from a cut in payroll tax, which falls from 6 per cent to 5.75 per cent. But the mining industry is not happy about a rise in coal royalties, which will increase by $450 million.
The acting State Treasurer, David Campbell, said that as a result of the payroll tax cuts a business with a $1 million payroll would save 4.2 per cent on its payroll tax bill. "That's billions of dollars back to business to support jobs and economic growth," he said.
The Opposition Leader, Barry O'Farrell, criticised the changes yesterday. "Like his predecessors Bob Carr and Morris Iemma, Nathan Rees is addicted to taxation and oblivious to the impact increases like these have on families and business. These increases will hurt families and business and they continue to make NSW unattractive for investment," he said.
"A government focused on revitalising the state's economy, boosting investment and protecting jobs would be cutting, not increasing, the taxes, charges and regulations that have made NSW so uncompetitive."
HECS contributions will drop by about $3000 for students embarking on maths and science degrees next year. And graduates who take up work in those fields will become eligible for further reductions in HECS payments.
Other changes from January 1 reflect the legislative right of same-sex couples to equal treatment under Medicare and the Pharmaceutical Benefits Scheme.
Same-sex couples will be able to access Medicare and PBS safety-net benefits faster than before. In the past each partner was treated as a single and consequently had to spend as much as a couple before reaching the threshold at which free or low-cost benefits cut in.
Changes to the eligibility of same-sex couples for social security payments will not take effect until midyear.
Co-payments for prescribed drugs will rise by up to $1.60 to $32.90 for people without concessions. And bus and truck drivers will pay higher fuel bills as the Federal Government increases its heavy vehicle charge.
Jacob Saulwick, Mark Metherell and Brian Robins | December 31, 2008
FAMILIES that adopt children aged between two and 16 will be eligible for the baby bonus from tomorrow, but others will miss out on the $5000 payment because of a new means test.
The new rules concerning the baby bonus are among many changes to fees and payments by the federal and state governments that will take effect from January 1 and concern families, university students, same-sex couples, health consumers and even truck owners.
In NSW, commuters face rises in bus, train and ferry fares, and property investors will be taxed again.
The baby bonus, which will shift from a one-off payment of $5000 to fortnightly instalments of $385 over half a year, will be granted only to families earning $75,000 or less in the six months after a baby is born. The new means test is expected to deny about 6 per cent of families from claiming the money.
The Federal Government will also extend the bonus to families who adopt children between the ages of two and 16.
From tomorrow, wealthy property investors will have to pay a 2 per cent marginal tax on land holdings valued at more than $2.25 million. The State Government said about 8500 land-tax payers would be affected.
The single train fare will rise to $3.20 tomorrow, from $2.60, and the single bus fare will rise to $1.90, from $1.80, on January 4. A DayTripper fare on the ferries will rise to $17 from $16.
Businesses will benefit from a cut in payroll tax, which falls from 6 per cent to 5.75 per cent. But the mining industry is not happy about a rise in coal royalties, which will increase by $450 million.
The acting State Treasurer, David Campbell, said that as a result of the payroll tax cuts a business with a $1 million payroll would save 4.2 per cent on its payroll tax bill. "That's billions of dollars back to business to support jobs and economic growth," he said.
The Opposition Leader, Barry O'Farrell, criticised the changes yesterday. "Like his predecessors Bob Carr and Morris Iemma, Nathan Rees is addicted to taxation and oblivious to the impact increases like these have on families and business. These increases will hurt families and business and they continue to make NSW unattractive for investment," he said.
"A government focused on revitalising the state's economy, boosting investment and protecting jobs would be cutting, not increasing, the taxes, charges and regulations that have made NSW so uncompetitive."
HECS contributions will drop by about $3000 for students embarking on maths and science degrees next year. And graduates who take up work in those fields will become eligible for further reductions in HECS payments.
Other changes from January 1 reflect the legislative right of same-sex couples to equal treatment under Medicare and the Pharmaceutical Benefits Scheme.
Same-sex couples will be able to access Medicare and PBS safety-net benefits faster than before. In the past each partner was treated as a single and consequently had to spend as much as a couple before reaching the threshold at which free or low-cost benefits cut in.
Changes to the eligibility of same-sex couples for social security payments will not take effect until midyear.
Co-payments for prescribed drugs will rise by up to $1.60 to $32.90 for people without concessions. And bus and truck drivers will pay higher fuel bills as the Federal Government increases its heavy vehicle charge.