Sir,
SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL : WEDNESDAY 1 MAY 1985
The purpose of the Inland Revenue (Amendment) (No 3) Bill 1985 is to give legislative effect to the various concessions on personal taxation mentioned in this year's Budget Speech.
proposed.
Members will recall that four concessions were
Firstly:
to increase the married persons's additional allowance from $15,000 to $17,000, thereby increasing the total personal allowance of a married couple to $58,000.
Secondly: to increase the child allowance for a first child from $8,000 to $9,000 and for a second child from $5,500 to $6,000, thereby increasing the maximum child allowance to $27,000.
Thirdly: to increase the additional allowance for a dependent parent residing with the taxpayer from $2,000 to $3,000 thus bringing the total allowance for each dependent parent to $11,000.
Fourthly: deferring the point at which the 25% tax rate takes effect by widening the 20% band from $10,000 to $20,000.