Stainless to, tax.
Thelanewballowances at their maximum levels
fod will be nearly 60 higher than the present basic and aci eeexpoadditional personal allowances (44);imited kin
ovačje proved en e9der Isafe.ok gauditan prod
Fourthly proposed that the child allowance be berlist Redincreased, fort a first. child from $11,000 to $12,000,I and for a second child from $8,000 to $8,500; and 3-8),
91%
Lastly, that the allowance for a dependent parent be increased from $9,000 to $10,000. Thus, the total Quallowance in respect of tandependent parent residinga spin with a taxpayer will be $13,000.
I intend to introduce these concessions with effect
from the year of assessment commencing 1 April 1988. Therefore, the first occasion on which they will apply will be to provisional and final salaries tax assessments for 1988-89, and also to 1988-89 personal assessments. I estimate that the cost to the revenue in 1988-89 will be about $1.1 billion, and for a
full year, $1.5 billion.
(44) Under section 42B(1) of the Ordinance, the present basic and additional
allowances are:
Basic Allowance $
Additional Allowance
Total
$
Single Married
29,000 60,000
5,000 10,000
34,000 70,000
429.
:
/Taxation
...