Oztaxline Tax Tips & News Australia

Why the Australian Government still not getting the point!!! They know that inflation is rising, mortgage rate is rising, food prices are going up and now petrol price is in the hot pan too. I am surprised the treasurer Wayne Swan is targeting on a medical levy
"Singles will have to earn $100,000 before they pay the 1 per cent surcharge - up from $50,000. Couples will be able to earn $150,000 - up from $100,000 - before they are slugged." This silly move will resulting adding more burden to the hospital waiting list and overload work for hospital staff as well as it may indirectly creating jobs losses in insurance sector. See detail from the Report.

I believe the government should tackle on rising inflation but he should also look into the "human" life as well, how can anybody living in just $6,000 tax-free threshold? This $6,000 threshold free tax have not been adjusted from more than a decade ago. In one hand Labor government acting as a Robin Hood character (steal from the rich and give to the poor)on the other hand they are short handed. Reviewing the $6,000 has been brought out by parties but nothing has been improved.

In 2007, Senator Andrew Murray Spokesperson on Taxation, Finance and Corporate Affairs has suggested "The Australian Democrats propose a phased increase over a number of years in the tax-free threshold from $6 000 (which is less than half the OECD average) to $20 000. People cannot live on $6 000 a year. Australia’s welfare floor is presently around $13 000, the minimum income required for basic subsistence. There is no justification for income taxing someone earning less than this amount" for detail see the Report.

Richard Hackett-Jones from Independent candidate for Queensland stated "- Introduction of a $12,000 tax free threshold for each Australian regardless of age. This will apply to adults and each child in a family and will be fully integrated with welfare measures." for detail see the Report.

Even the former treasurer Peter Costello has mentioned that "From 1 July 2008:
the Low Income Tax Offset (LITO) will increase from $750 to $1,200, providing an effective tax free threshold of $14,000 (up from $11,000) to those taxpayers eligible for the full LITO; the 30 per cent threshold will increase from $30,001 to $34,001; and the 40 per cent threshold will increase to $80,001 and the 45 per cent threshold will increase to $180,001, as announced in the 2007-08 Budget. See detail from the Report

So what is the matter with reviewing the long overdue item. I could like to see the Government has a "swap" prgram, then I will nominated the treasurer Wayne Swan to live on only annually a "$6,000" income. Wake-up tresureer "working family" understand you try to look after them but they need fresh air to breath. Target the right issues.

Working family do not need to see "crocodile tear" but real lifting from the burden and stress.