Parliament Resumes Under Urgency

by Desk Editor on Friday, May 25, 2012 — 9:32 AM

Parliament resumed on Friday morning with MPs debating the Taxation (Budget Measures) Bill under Urgency.

This bill amongst other things abolishes 3 tax credits: the transitional tax credit (also known as the income under $9,880 tax credit), the housekeepers tax credit, and the children’s active income tax credit. These reforms apply for the current 2012-13 and later tax years.

Opposition MPs also mocked the Government for repealing subsidies to encourage earlier student loan repayments just three years after they introduced the scheme.

The House will continue to pass the bill through its remaining stages and all stages of the Social Security (Long-term Residential Care-Budget Measures) Amendment Bill.

This bill amends the Social Security Act 1964 to change the amount of the annual increase in the applicable asset thresholds used in determining the amount residents in aged residential care have to contribute to the cost of their care.

The Government also intends to complete the first reading of the Customs and Excise (Tobacco Products-Budget Measures) Amendment Bill.

This bill amends the Customs and Excise Act 1996 to make four cumulative 10 percent increases to the duties on all tobacco products
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