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13 Nov 07 More Coalition tax policies

The Coalition has announced that, if re-elected, it will introduce a new refundable tax rebate of 40% for education expenses, including school fees, for every student from preschool (kindergarten in some states) until the end of secondary school. The rebate for secondary school will be up to $800 annually for each student. The rebate for primary and preschool will be up to $400 annually for each child. It will apply to education expenses, including school fees and voluntary contributions and levies, at government and nongovernment schools and preschools in the year before children start school. This new rebate will be available to all Australian parents irrespective of income.

For a copy of the complete policy, go here

A re-elected Coalition Government will also introduce Tax Free Home Saver Accounts from the 2008-09 financial year to provide a simple, tax effective way to help Australians to save for their first home. Contributions up to $1,000 per year to the accounts will be tax deductible. All interest and earnings from the accounts will be tax free.

Tax Free Home Savings Accounts for Children will be available to all Australians under 18 years of age. Parents, grandparents and others will be able to contribute up to a total of $1,000 between them each year to an account. The contributions will be tax deductible. Savings in the account will be available to purchase a first home anytime after the account holder turns 18 years of age.

Tax Free Home Savings Accounts for Adults will also be available to Australians aged from 18 to 39 years. Up to a maximum of $10,000 a year can be contributed to the account. Interest and earnings on the account will be tax free and the account holder will be eligible to claim a tax deduction of up to $1,000 for their contributions. Child accounts will become adult accounts when the account holder turns 18 years of age.

Further, a re-elected Coalition Government will provide a capital gains exemption to individuals who share equity in a home occupied by a family member (and which is the family member’s first home).

For a copy of the complete policy, go here

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