- Launch a new employment package, which includes the Youth Jobs PaTH (Prepare-Trial-Hire) internship program. Job seekers will work 15 to 25 hours per week for one to three months, during which the Government will bolster their regular income support payment with an extra $200 per fortnight.
- Increase the personal income tax threshold before the 37% personal marginal tax rate is applicable from $80,000 to $87,000 (the 32.5% tax rate will apply up to $87,000) from 1st July, 2016.
- Inject an additional $1.2 billion into school funding.
- Activate a tax offset for superannuation contributions made to a spouse where they earn up to $40,000 per annum (income threshold is currently $10,800).
- Previously promised childcare subsidies delayed until 2018, one year later than scheduled, pending the approval of cuts to family benefits.
- Lower the super concessional contribution cap to $25,000 (from $35,000) per annum from 1st July, 2017. However, if one’s superannuation balance is less than $500,000, they’ll be able to roll forward any unused caps after 1st July, 2017 for up to 5 years.
- Introduce a $500,000 lifetime cap for non-concessional (after-tax) super contributions effective immediately.
- Implement a cap on super balances of $1.6 million and above, restricting contributions to super funds moving forward.
- Decrease the income threshold from $300,000 to $250,000, meaning higher income earners will be taxed at 30% for any extra super contributions over $25,000.
- Spend $29 billion extra in health funding for public hospital service.
- Put into effect four annual 12.5% increases in tobacco excise, starting from 1st September, 2017; this is forecast to improve tax revenue by $4.7 billion over the next four years.
- Increase the income thresholds before the Medicare levy is applicable:
- For singles, increase to $21,335.
- For couples with no children, increase to $36,001.
- For senior and pensioner couples with no children, increase to $46,966.
- For couples with kids, increase to $3,306 for each dependent child/student.
- Mobilise a $50 billion national infrastructure plan to support growth.
- Drop the small business tax rate from 28.5% to 27.5% for companies with a turnover less than $10 million (from 1st July, 2016).
- Cut the company tax rate from 30% to 25% phased over 10 years.
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