For Business

All of the below is subject to the legislation passing parliament and is in no way or form guaranteed.

JobMaker Hiring Credit

• Partially subsidise the wages of young employees who are hired from tomorrow, but there are some conditions employers and employees will have to meet. Bosses will be able to claim $200 each week for every employee hired after tomorrow aged between 16 and 29, and $100 each week for every employee aged between 30 and 35. Some conditions include: The prospective employee must have been on JobSeeker, Youth Allowance or the Parenting Payment for at least one of the past three months. Begin working within the next 365 days. Work an average of at east 20 hours a week over the reporting period.

Getting Business Spending

• For turnover of less than $5 billion each year; instant asset write offs will continue so businesses can continue to write off in full any eligible asset they purchase for their business.

Fringe Benefits Tax Concessions

• The Revenue cap will be lifted from $10 million annual turnover to $50 million.
• Businesses exempt from paying 47% FBT on expenses such as parking and electronics.

Manufacturing

• $52.8 million in grants within three months and $1.3 billion over the next year.
• $107.2 million for areas such as medical products, to lift domestic capacity for emergencies.

For Individuals

All of the below is subject to the legislation passing parliament and is in no way or form guaranteed.

Tax Cuts (almost across the board)

• $45-90,000: Low and Middle Income Tax Offset (LMITO) to remain for the FY20. So that means up to $1,080 less tax per year.

Tax Cuts Slated for 2022 brought forward and back dated to July:

• Upper limit of the lowest 19 per cent Tax threshold raised from $37,000 to $45,000
• Cut-off for 32.5 per cent tax band lifted from $90,000 to $120,000

Payments for Pensioners

Two more tax-free payments of $250 to pensioners and others on Government Support. Payments will be in November and early next year.

The full list includes people on the:

• Age Pension
• Disability Support Pension
• Carer Payment
• Family Tax Benefit, including Double Orphan Pension (not in receipt of a primary income support payment)
• Carer Allowance (not in receipt of a primary income support payment)
• Pensioner Concession Card holders (not in receipt of a primary income support payment)
• Commonwealth Seniors Health Card holders
•  Eligible Veterans’ Affairs payment recipients and concession card holders

First Home Buyers

• First home loan deposit scheme to be extended to June 2021 and the Price cap adjusted from $700k to $850k for Melbournites.

Private Health

• Increase in the age limit that a child can remain on your private health policy to age 30.

Granny Flat CGT Exemption:

Set to apply from July 1, 2021, where a formal written agreement is in place between the tenants and owners of a Granny flat, the Granny Flat will be subject to CGT exemptions. The rules covers agreements entered into because of family relationships or other personal ties.