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).
Tags: Better Brokers Better Solutions, Better Choice, Better Choice Mortgage Services, Brokerage Firm, budget, federal budget, Finance Broker, Financial Consultant, housing finance, Mortgage and Finance News, Mortgage Broker Perth, Perth Finance Broker