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Wednesday, March 28, 1973
TWO MORE TAX CONCESSIONS TO HELP FAMILY MAN
Allowance For Second And Third Child To Be Raised
Two more tax concessions to aid the family man were proposed today
by the Financial Secretary, the Hon. C.P. Haddon-Cave.
In addition to his tax relief package announced in his budget speech
last month, he proposed to raise by $500 each the allowance for the second
and third child to $2,500 and $1,500 respectively.
$11,500.
This would lift the permissible total of child allowances to
He was speaking at the resumed Budget debate in this afternoon's
Legislative Council meeting.
These new concessions would cost the Government $1.3 million in the
next financial year and bring to $16.6 million the total net cost of the
tax reform package.
For the married man with two children on an annual gross income of
$42,000, the new concessions will mean a reduction in his tax bill by a further
$50 to $1,150, while a married man with three children with an annual gross
income of $60,000 will save another $200.
Mr. Haddon-Cave said he had re-examined the tax relief package in
view of the concern expressed by Unofficial Members for the tax position of
the family man.
He noted that he had reduced the yield from salaries tax and personal
assessment this year by nearly five per cent or $9.5 million, and he was now
proposing to reduce it further next year by over seven per cent or $16.8 million.
/He felt
No comments yet.
Private notes are available after approval.