Federal Budget 2016. Infographic:Budget 2016 at a glance:theconversation. Budget 2016: The Treasurer's Speech. ABC News Budget 2016 Special: Part 1. ABC News Budget 2016 Special: Part 2. The Drum - Budget Special. Budget 2016-17. Budget 2016-2017 - Treasury Home Page. Budget 2016: Federal Budget 2016 - ABC News. Budget 2016: Sydney Morning Herald. Federal Budget 2016 : news.com.au. Loaded: 0% Progress: 0% See the winners and losers in the 2016 budget.
Women are winners in the 2016 Federal Budget. IN EVERY Budget there are those who win big and those who lose out. This time, women, small business and home-owners are among the victors. Around 500,000 workers have been saved from the clutches of dreaded bracket creep. The government is increasing the upper limit for the second highest tax bracket of 37 cents in the dollar from $80,000 to $87,000. Rather than being taxed at 37 per cent on every dollar earned over $80,000, workers in that magic range will stay on the 32.5 per cent tax rate. That would leave them up to $315 better off come tax time. Bracket creep, where the process of inflation pushes people into higher income brackets without an increase in their spending power, has been described as taxation by stealth.
Scott Morrison said the government would “like to do more, but this is what we can afford today”. And once again, the homeowners have come out on top. Federal Budget 2016 summary, analysis: news.com.au. Loaded: 0% Progress: 0% Malcolm Farr takes a close look at tonights 2016 Budget.
Treasurer Scott Morrison speaks with Peter Hellier in the Budget lock-up at Parliament House. DON’T look for winners and losers, Treasurer Scott Morrison told reporters just before he delivered the Budget in Parliament. The very notion someone might emerge from the Budget with less than they deserved was folly, he seemed to be saying. We are all winners under the protective gaze of poppa Scott. It was a clever document the Treasurer delivered without a trace of embarrassment over the number of measures Labor had come up with first to gales of derision. They included increased tobacco excise, belting transnationals for their correct tax payments, and taking tax concessions from superannuation account holders who didn’t need them. Theconversation. The government is trying to encourage jobs and growth in the 2016 budget through some measures for young job-seekers and working families while establishing tougher rules on welfare.
Working families will have to wait for the childcare subsidies in the Jobs for Families package. But there is A$840 million in the budget for a Youth Employment Plan to help up to 120,000 young people secure jobs. The government will extend the time people can spend in job-active services before they have to start Work for the Dole from six to 12 months. Budget 2016: Australian Financial Review. Loaded: 0% Progress: 0% Budget 2016: the big winners and losers The company tax rate for all businesses will be cut to 25 per cent within a decade and superannuation tax concessions for the wealthy have been slashed by $6 billion in a budget the Turnbull government hopes will spur economic growth, wipe out the deficit within five years and shield it from claims of unfairness in an election campaign to start next week.
In his first federal budget, Treasurer Scott Morrison has outlined a 10-year intention to cut the 30 per cent company tax rate to 25 per cent by 2026-27 for every company, big and small, starting with reductions in the rate for small and medium business on July 1. Federal budget 2016: health experts react : The conversation. To help pay for the National Disability Insurance Scheme (NDIS) the government will scrap the carbon tax compensation to new recipients of government welfare benefits.
This will save the government A$1.4 billion over five years. The government is putting $2.1 billion towards the NDIS in this year’s budget. This money will also this come from savings by cutting the NDIS advertising campaign, ceasing to back-date Carer Allowance claims and the reviewing of people’s eligibility for the Disability Support Pension. There’s $1.7 billion in funding for the Child and Adult Public Dental Scheme leaked before the budget and the agreement made at the Council of Australian Governments for $2.9 billion funding for public hospitals, with reforms to reduce hospital admissions, improve patient safety and boost quality of services.
Australian Federal Budget 2016 : BT Financial Group. Super shaken, small business stoked and smokers put out By Julia Newbould Super has been the biggest area shaken up by the 2016 Budget, with annual concessional caps being lowered, lifetime non concessional contributions limits put in place and more high income earners facing higher contributions tax.
Small and medium sized business has seen the greatest wins with great focus placed on lowering the company tax rate for them. And smokers will be burning money quicker than ever. Federal Budget Australia 2016-17 : AMP Capital. VIDEO: The key to the federal budget in just 120 seconds : ANZ. The 2016-17 Australian budget helps address some of Australia’s structural challenges, ANZ chief economist Richard Yetsenga says, including the taxation of superannuation and the global services trade.
Speaking to BlueNotes on video, Yetsenga said the budget delivers a modest amount of economic stimulus but also some very modest revenue measures. "It does all of these things while trying to tread a pretty fine line between these economic pressures, pressures on Australia’s credit rating… and what is likely to be an election called relatively soon,” he said. “It attempts to deliver some reform, primarily aimed at taxation of superannuation and also what's likely to be a pretty long-lived process to start a more efficient taxation of cross-border trade in services.” ANIMATION: The Australian Commonwealth Budget, explained: ANZ. Federal Budget - 2016-2017: NAB. The end of financial year is the time for business owners to get things in order.
Here are 10 strategies that could help you build and protect your personal and business wealth in a tax-effective manner. The end of financial year is the time for business owners to get things in order. Here are 10 strategies that could help you build and protect your personal and business wealth in a tax-effective manner. Strategy 1: Manage your Capital Gains Tax (CGT) If you make a capital gain on the sale of an asset this financial year, you can use any capital losses you may have realised in the past to offset your capital gain. Strategy 2: Bring forward your expenses To manage your cash flow more efficiently, you could bring forward expenses. Strategy 3: Structure asset purchases to maximise cash flow Keeping your income producing assets up-to-date helps keep your business operationally efficient.
Strategy 4: Check your eligibility for small business tax regime. Federal Budget 2016: CommBank. Families Beginning July 1 this year, the upper limit for the middle income tax bracket will increase to $87,000 per year from $80,000This will prevent about 500,000 taxpayers from paying the 37% tax rate as a result of so-called 'bracket creep'From April 1, 2017, a new initiative named “Youth Jobs PaTH – Prepare, Trial, Hire” will be launched to train young job seekers with pre-employment skills and help them hunt for and get jobsAn internship programme with up to 120,000 placements over four years will help young job seekers who have worked for six months to gain more experienceThey will receive $200 per fortnight in addition to their regular income support payment while in the internshipBusinesses that take on interns will receive an upfront payment of $1,000Australian employers will be eligible for a Youth Bonus wage subsidy of between $6,500 and $10,000, depending on the young person's job readiness.
Budget 2016: AFR: Class warfare will ruin the country: Scott Morrison. Treasurer Scott Morrison has called for an end to the class warfare and handout mentality that surrounds federal budgets, warning it will run the country into the ground.
As Labor slammed Tuesday's budget as unfair and vowed to oppose both the estimated $50 billion-plus in company tax cuts over 10 years, and the scheduled repeal next year of the temporary income tax deficit levy for those on the highest incomes, the Treasurer said enough was enough. "We have got to stop looking at the economy as if it's a whole bunch of individuals, and they are all looking for their little bit out of the government," Mr Morrison said. "If that's the sort of country we are going to run, we'll run it into the ground and we'll run each other into the ground. "Australians are over this class warfare, they are over the us and them.
They are over it. Labor response "They're the people we want to see do well and we'll take any progress for them," Mr Shorten said on Wednesday. Budget 2016:Shorten Reply: ABC. Shorten budget reply - theconversation. Budget 2016: Shorten reply-theguardian.com. Bill Shorten has claimed an extra $71bn over 10 years for his election war chest from not proceeding with Malcolm Turnbull’s tax cuts for big and medium businesses, retaining the 2% deficit levy on high-income earners and cracking down on private colleges. The opposition leader has announced a Labor government would save $6bn over 10 years from capping government loans for students in the scandal-ridden private college sector.
The cost of this vocational education and training fee help has grown from $699m in 2013 to $1.7bn in 2014 and an expected $3bn in 2015. The average cost of a diploma has ballooned to about $14,000 and some colleges are charging well over $20,000, for degrees. Labor says similar courses are available at public Tafes for less than $6,000 and is expected to unveil extra funding for Tafe colleges during the campaign. “The Turnbull budget is built on a fraud of a grand scale. “This prime minister has the audacity to accuse us of waging ‘class war’. Four key takeaways from Bill Shorten’s budget reply speech - SmartCompany. Federal opposition leader Bill Shorten used his budget reply speech last night to declare his party’s support for tax relief for small business – and its vehement opposition to corporate tax cuts for the big end of town.
In a bid to paint the 2016 federal budget as one that is “for big business over battlers”, Shorten said Malcolm Turnbull and Scott Morrison’s first budget looks after high-income earners at the expense of families and “ordinary Australians”. “If there’s one fact that defines this budget, this Prime Minister and this government, it is this: A working Mum on $65,000 with two kids in high-school will be over $4,700 a year worse off,” Shorten said. “And someone on a million dollars, will be almost $17,000 better off every year.”
Budget 2016:Shorten reply - ABC news. Updated Federal Opposition Leader Bill Shorten has pledged a Labor government would claw back $71 billion in additional budget savings over the next decade. Key points: Shorten says Turnbull's budget "for big business over battlers" Continuation of deficit levy on big business, no reduction to company tax, restrictions on vocational education loans proposedShorten says Labor will only back tax cuts for operators with annual turnover below $2 million. Labor budget reply: SMH. Shorten's budget reply:SMH/Brisbane Times. Federal Budget Reply - 2SER - Real Radio 107.3 FM.