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Winners and losers in the federal budget

MML
Article image for Winners and losers in the federal budget

THE WINNERS AND LOSERS IN THE FEDERAL BUDGET

THE WINNERS?

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.

THE LOSERS?

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.

SMOKERS

  • 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.
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