Thousands of families, seniors and businesses in Wakefield will benefit from tax relief and increases to assistance and payments, said Assistant Treasurer David Bradbury and Member for Wakefield, Nick Champion.
During a visit to local businesses in the Wakefield community, Mr Bradbury said that the Gillard Government is spreading the benefits of the mining boom.
"The Gillard Government's strong economic management means that we will bring the Budget back to surplus and make sure that families, seniors and businesses can share in the benefits of the mining boom," said Mr Bradbury.
"By spreading the benefits of the boom, we are delivering tax relief to businesses, including small businesses, through loss carry back and the $6,500 instant asset tax write-off."
Mr Champion said that local families and seniors welcome the extra assistance.
"This is exactly the kind of support that families and seniors in Wakefield need," said Mr Champion. "People hear about the mining boom, but they often feel like it is happening to someone else.
"The Gillard Government is spreading the benefits of the boom to deliver important assistance for families and seniors living in areas that aren't in the mining boom fast lane."
Measures include:
- Instant asset tax write-off for each business asset worth up to $6,500 and the first $5,000 of the cost of a new motor vehicle for 13,100 small businesses in Wakefield.
- Schoolkids Bonus, which provides parents with $410 for each child at primary school and $820 for each child at high school child, helping around 13,250 families in Wakefield.
- Tax cuts, which, from 1 July, will put an extra $300 or more in the pockets of 46,000 workers in Wakefield, with 4,000 local residents not having to pay any tax at all through the tripling of the tax free threshold.
- Increases in Family Tax Benefit Part A of up to $600 a year from next year, helping around 17,000 families in Wakefield.
- Increases to the age pension of $388 a year for singles and $510 a year for couples for more than 31,300 local pensioners in Wakefield.
"The Gillard Government understands that seniors, businesses not in the mining boom fast lane and hardworking families need support – that's why we're delivering a strong economy so that we can continue to spread the benefits of the boom," said Mr Bradbury.