Australia Budget 2017

Following our earlier budget news, some of the recent budget news coming from the Parliament are:

  1. First home buyers can salary-sacrifice, diverting up to $30K into their super account for a deposit
  2. First homebuyers able to build deposit within super through voluntary contributions taxed at concessional rates. No changes to negative gearing
  3. Employers will be slugged at least triple the bill to bring foreign workers into country
  4. Government commits initial $33.4mn to establish scheme to compensate victims of child sex abuse
  5. Thousands of young Australians soon forced to undertake random drug tests to hold onto welfare
  6. The #Medicare Levy will rise from 2% to 2.5% in two years to close the $55.7B funding gap for the #NDIS
  7. Financial penalties for those who fail to turn up to interviews or take on suitable jobs
  8. New 40% Diverted Profit Tax aimed at multinationals that shifts profits offshore
  9. Additional $18.6bn into schools over next decade; needs-based funding model based on Gonski recommendations
  10. Govt will make it easier for digital currencies to operate in Australia by removing GST on purchases of them
  11. Government orders review of the family law system to ensure it can deal with domestic violence
  12. Western Australia has emerged from #Budget2017 with an extra $400 million in its infrastructure kitty


More to come…