Winners and losers in the federal budget
THE WINNERS AND LOSERS IN THE FEDERAL BUDGET
SMALL TO MEDIUM-SIZED COMPANIES
- Company tax rate cut for 870,000 companies with annual turnover less than $10 million; additional 90,000 small businesses can access tax concessions; among other measures.
THOSE EARNING MORE THAN $80,000
- Get a modest tax cut, through increasing second-highest tax bracket from $80,000 to $87,000.
ALL BUSINESS, IN TIME
- Company tax rate to fall from 30 per cent to 25 per cent over next decade.
AUSTRALIAN TAXATION OFFICE
- Gets $679 million for a new task force to ensure multinationals, private companies and the super rich pay the right amount of tax.
WORKING MUMS, LOW-INCOME EARNERS
- Partners encouraged to top up low-income spouses’ superannuation through extended eligibility to claim tax offset for contributions; allowing women and carers whose work has been interrupted to make catch-up super contributions.
ANYONE EARNING LESS THAN $80,000
- Not even a modest tax cut for you. The government says you already benefited through the abolition of the carbon tax.
MULTINATIONAL TAX DODGERS
- So-called Google tax to penalise large multinationals that attempt to shift their Australian profits offshore to avoid paying tax.
- Four annual 12.5 per cent increases in tobacco excise to lift price of packet of cigarettes to about $40 by 2020.
THOSE WANTING PROPER TAX REFORM
- The government’s long-awaited tax plan amounts to changes rather than widespread reform.