Federal Budget 2017: Winners and losers
FUNDING for the NDIS has been guaranteed in a win for disability services, while big banks are the big losers in the Budget.
* Disabled people
Funding guaranteed for the National Disability Insurance Scheme, which is expected to cost $21 billion a year once it is fully implemented in 2020.
* GPs and medical specialists
A gradual thawing of the freeze on Medicare rebates paid by the government.
An extra $18.6 billion over 10 years, distributed on a needs-based model with average increases of 4.1 percent per student.
* First home buyers
To help save for a deposit faster, people will be able to salary sacrifice $15,000 a year (or $30,000 in total) into their superannuation funds.
* Older homeowners
Older homeowners can tip $300,000 from the sale of their homes into their super funds in a measure designed to encourage people to move into smaller properties and the boost supply of family-sized homes.
Concession cards are back for those who lost them after pension asset test changes earlier this year.
* Small-medium businesses with turnovers under $10 million
A one-year extension of the instant asset write-off scheme for capital equipment expenses up to $20,000.
More than $300 million for more specialist officers targeting terrorism, organised crime, child exploitation.
* Big five banks
They’ll be slugged with a new levy designed to reap $6.2 billion from July 1 and face fines of up to $200 million if they cover up misconduct by executives.
* Senior bank executives
Could be stripped of bonuses, deregistered or disqualified if they breach new accountability rules.
* Taxable income earners
The Medicare levy will rise 0.5 percentage points to 2.5 percent of taxable income from July 1, 2019, to raise $3.55 billion for the National Disability Insurance Scheme.
* Uni students
The cost of a four-year degree will rise 7.5 percent and students will have to pay back government loans as soon as their income hits $42,000.
A new 2.5 per cent efficiency dividend to apply in 2018 and 2019, saving the government $2.8 billion.
* Welfare cheats
Job seekers who regularly miss Centrelink appointments or turn down suitable work will have payments reduced or cancelled. Drug test trials for 5000 new welfare recipients.
* Foreign property investors
A new annual $5000 levy on owners of “ghost houses” left vacant for more than six months. New rules making these homes subject to main residence capital gains tax.
* Property investors who negatively gear
No longer able to claim travel expenses, with limits placed on some equipment and depreciation deductions.
* Employers of foreign workers
New annual levy of $1200 or $1800 for those hiring temporary foreign workers and $1800 for permanent foreign workers (replacing payroll contributions regime).
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