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Australia Budget 2017
Following our earlier budget news, some of the recent budget news coming from the Parliament are:
- First home buyers can salary-sacrifice, diverting up to $30K into their super account for a deposit
- First homebuyers able to build deposit within super through voluntary contributions taxed at concessional rates. No changes to negative gearing
- Employers will be slugged at least triple the bill to bring foreign workers into country
- Government commits initial $33.4mn to establish scheme to compensate victims of child sex abuse
- Thousands of young Australians soon forced to undertake random drug tests to hold onto welfare
- The
#Medicare Levy will rise from 2% to 2.5% in two years to close the $55.7B funding gap for the #NDIS
- Financial penalties for those who fail to turn up to interviews or take on suitable jobs
- New 40% Diverted Profit Tax aimed at multinationals that shifts profits offshore
- Additional $18.6bn into schools over next decade; needs-based funding model based on Gonski recommendations
- Govt will make it easier for digital currencies to operate in Australia by removing GST on purchases of them
- Government orders review of the family law system to ensure it can deal with domestic violence
- Western Australia has emerged from
#Budget2017 with an extra $400 million in its infrastructure kitty
More to come…