Budget bill tabled

Proposals announced as part of Budget 2012 were included in the Taxation (Budget Measures) Bill which was introduced to the House today. The bill will:

- repeal the tax credits for income under $9,880 and the tax credit for childcare and housekeeper expenditure;
- replace the tax credit for the active income of children with a limited tax exemption;
- legislate a change to the livestock valuation election rules; and
- repeal the student loans voluntary repayment bonus.

The detail of the livestock tax changes will be included in an omnibus bill later this year. For more information, see the Bill and regulatory impact statements.