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The federal government will commit to paid parental leave from January 2011 for those earning less that $150,000 a year, federal Treasurer Wayne Swan says.

Mr Swan, who will hand down his second budget on Tuesday, said the scheme will pay the federal minimum wage for 18 weeks and will be funded by the government, not business.

“This is a very significant reform,” Mr Swan told the Nine Network.

“The scheme must be introduced in a measured and responsible way, particularly taking into account a global recession.”

He said the early years of a child’s life are important for prospects in later life, while the quality of family life is impacted by the quality of work life.

“We have got to get that balance between work and family right, and paid parental leave is an essential reform,” he said.

“We are one of only two countries in the western world that doesn’t have paid parental leave.”

He said the scheme will be of particular benefit to low and middle income earners.

“Where the primary carer’s income is over $150,000 they won’t be eligible,” he said.

“We are very mindful that this significant reform must be progressed in a measured and responsible way.”

http://www.thewest.com.au

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People who do not provide their tax file number to their superannuation fund before July 1 will be penalised with a 46 per cent tax rate on any money which their employer contributes to the fund. 

 Superannuation contributions are normally taxed at 15 per cent and the extra 31.5 per cent penalty is designed to encourage people to provide the tax file number, making it easier to consolidate superannuation funds in the future. 

 The tax file number may also be necessary if you want to make extra top up payments or spousal contributions, depending on the type of fund.

  Basil Palassis, chartered accountant and senior financial planner at Fusion Planning Group, said it was important for the public to understand risks and penalties associated with their superannuation funds, because there were big financial  the ramifications. 

News from www.thewest.com.au

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In Joondalup the population fell 165 in 2006-07, it grew 1759 last financial year.

  Mayor Troy Pickard said the diversity of lifestyles was attracting new residents to a city that hoped to become one of Perths major commercial hubs.  “Over the coming years we hope to see Joondalup CBD come to be regarded as the second CBD of Perth” he said. 

Figures show the fastest growing council in the State is Perth, with the population rising 10.8 per cent, or 1500, to 15100. 

www.thewest.com.au

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picture-2

This image has been taken from www.immi.gov.au

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