Mr Morrison has said he believed the corporate tax cuts would help drive economic growth and see firms put on more staff, despite tax experts who have spoken to ARM Newsdesk saying the global evidence was mixed on whether or not companies would just “book” the extra cash.
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Shelley said innovations in visa processing, including new user-pays, fast-tracked visas for India and the UAE, along with three-year multiple entry visas for India, Thailand, Vietnam and Chile were welcome.
Treasurer Scott Morrison revealed on Tuesday that the deficit for the current fiscal year that ends on June 30 is expected reach 39.9 billion Australian dollars ($30.7 billion).
To ensure the budget is on track for balance in 2020/21, tobacco taxes will be hiked by 12.5 per cent a year from September 1, 2017, to raise $4.7 billion over four years.
The annual announcement came as the central bank slashed interest rates to a new record low of 1.75 percent, following recent unexpectedly weak consumer prices, in order to stimulate the economy.
She welcomed the reduction in the small business company tax rate to 27.5% and says increasing the eligibility threshold to $10 million means tens of thousands more SMEs are now in a better position to grow and to employ.
It will be our economic plan.
“This is about providing more room in our tax system for average full-time wage earners to earn more without being taxed more”, Morrison said.
Starting from 1 July this year, the tax rate for small businesses will be reduced from 28.5 percent to 27.5 percent.
People with more than $1.6 million in super will be allowed to keep their excess savings in super, they just won’t be able to funnel any more than $1.6 million into the even more generous tax settings of a self-funded pension.
The budget, which was brought forward by a week to accommodate plans for a looming election, was expected to mark a major step away from the budget delivered two years ago by the former treasurer, Joe Hockey.
‘You have to spend wisely, you have to spend carefully, you have to spend in a very targeted way, and you don’t spend more than you save, ‘ Mr Morrison said.
Non-concessional contributions: $500,000 lifetime cap. It will, in effect, continue the Labor low-income superannuation scheme that was due to finish, and it will increase flexibility and choice for self-employed and other people for whom the present scheme has been rigid, which will improve arrangements for many women.
“Tax cheats will be tracked down and will face the full force of the law”.
Bitcoin users will no longer be “double taxed” when buying goods and services already subject to the GST, under a new government proposal.
As an election gambit, the budget makes small waves, but creates importantly few constituencies of complaint (unlike the 2014-15 Hockey budget).
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Mr Turnbull has also announced a A$50m Smart Cities program which will look at issuing long-dated government bonds to pay for high-value infrastructure projects.
