Advertisement
Advertisement
Advertisement

Winners and losers in the federal budget

MML

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.
Advertisement