Budget 2018

Budget 2018: The winners and losers

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Budget 2018: Treasurer Scott Morrison has delivered his third budget - how did you fare?

More on Budget 2018: 

WINNERS

Low and middle-income taxpayers

- Up to 10 million workers will save up to $530 a year from 2018-19 under a new tax offset.

- More than 200,000 taxpayers won’t be paying 37 percent tax rate when the 2.5 percent tax bracket is lifted to those earning $90,000 from July 1, 2018.

- There’ll also be further measures to tackle bracket creep from 2022-2025, which will mean more Australians will be paying less tax under the 32.5 percent rate.

- By 2025, 94 percent of Australians will be paying the 32.5 percent tax rate. 

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Small business owners

- Will have another year to claim the $20,000 instant asset write-off, allowing them to deduct the cost of goods costing less than $20,000. 

Drivers

- $1 billion urban congestion fund to fix “pinch points and improve traffic flow”.

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Budget 2018: Scott Morrison on retirees and pensioners
Budget 2018: Scott Morrison on retirees and pensioners

Older Australians

- The number of home care places will be hiked by 14,000 over four years, costing $1.6 billion.

- Another $146 million will be spent on boosting access to aged care services for those in regional areas.

- Older Australians in aged care will also be able to draw from an $83 million fund to combat depression and loneliness. 

Winners and losers
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- All age pensioners can now access the Pension Loans Scheme, which will allow them to boost their retirement income by $17,800 for a couple without having their pension eligibility questioned.

- Pensioners can also earn an additional $1300 a year without having their payments cut.

- Self-employed can now earn up to $7800 and still get the pension. 

Refugees have been hit by this year's budget.
Refugees have been hit by this year's budget.
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LOSERS

Refugees

- Will have to wait another 13 weeks – or a total of six months - to get help finding a job.

- Currently they wait 13 weeks to receive help from Jobactive, the government’s job services provider, but that is now being extended to 26 weeks after their arrival.

- The government says the waiting period will help them improve their English language skills. 

Migrants

- Will have to wait four years instead of the current three years to access welfare payments from July 1, 2018.

- This will save the government $200 million over five years. 

Overseas trained GPs 

 - The government will bring in 200 fewer doctors from overseas to save $400 million.

Banks

- Levy to continue and the Australian Financial Complaints Authority to start on November 1, and Banking Executive Accountability Regime on July 1.

Money launderers 

 - Outlawing large cash payments more than $10,000 made to businesses for goods and services from July 1, 2019. Transactions over a threshold will only be allowed through an electronic payment system or cheque. The government says this will tackle money laundering and tax evasion.

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The Budget's tax cuts.
The Budget's tax cuts.

- A new hotline will also be set up allowing members of the public to dob in those engaging in money laundering or tax evasion.

Overseas hotel providers

- Will have to pay GST the same way as local providers from July 1, 2018. 

Universities and tertiary institutions 

 - All HECS-HELP and FEE-HELP providers will have to pay an annual fee for the administration of the programs as well as the application process. 

 

 

 

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