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.