1. Low and middle income earners

Treasurer Josh Frydenberg has introduced a one-off $420 cost of living tax offset 

Australians earning less than $126,000 will get up to $1,500 when they submit their tax returns from July

The Low and Middle Income Tax Offset (LMITO) has not been extended any further, meaning your next tax return is your last chance to claim it

 2. Motorists 

The fuel excise has been cut in half for the next six months from 44.2 cents a litres to 22.1 cents a litre

The cut – which will reduce receipts by $5.6billion – took effect from midnight on Tuesday and will flow through to the bowser over the next two weeks

3. Home buyers 

The Home Guarantee Scheme will expand to provide a further 50,000 places to support more first home buyers

There will be an additional 35,000 places available for first home buyers, 5,000 places for single parents and 10,000 places for people who buy or build a new home in a regional area

The scheme allows buyers to put down only a five per cent deposit, with the taxpayer stumping up the rest

4. Parents 

Dad and Partner Pay will now be combined with Parental Leave Pay to create a single scheme

Couples will have access up to 20 weeks of paid leave to divide up between them as they choose

The leave must be used within two years of having a child and will be granted to households with incomes below $350,000.

Single parents will also get an additional two weeks of Paid Parental Leave

5. Tradies 

The Budget will include dozens of major infrastructure projects to provide thousands of jobs for tradies 

A further $17.9billion will go towards new and existing infrastructure projects under the government’s 10-year rolling investment pipeline

6. Apprentices 

The Government is setting up an Australian Apprenticeships Incentive System to streamline apprentice funding programs

It will provide wage subsidies for employers in priority occupations and hiring incentives worth $4,000 for employers in non-priority occupations 

Apprentices and trainees in priority occupations will get a direct payment of up to $5,000 over two years 

7. Women

The Government is committing $1.3 billion to support delivery of the new National Plan to End Violence against Women and Children 2022-32

This funding supports action across prevention, early intervention, response, and recovery

8. Education 

The budget outlined $25.36 billion for schools in the upcoming financial year, while almost $20 billion has been allocated for higher education

Treasurer Josh Frydenberg said $180 billion would be spent on education over the next four financial years 

9. Small business owners

The Government has introduced a Technology Investment Boost and a Skills and Training Boost for companies that turn over $50million 

The Technology Investment Boost will allow them to deduct a bonus 20 per cent of the cost of business expenses and depreciating assets that support digital uptake, up to $100,000 of expenditure per year 

The scheme will last until June 30 2023, providing $1billion of tax relief 

10. Health

                                                                                                                                             Aboriginal Community Controlled Health Services will benefit from a four-year rolling funding agreement and annual increases from July 1, 2023.

Some $61.2million will go towards the Australian Genomic Cancer Medical Centre to research and develop drugs for people with advanced cancers.

The Government’s national ice action strategy will received $315million over four years 

11. Defence 

Almost $10billion will be spent during the next decade doubling the size of Australia’s cyber warfare unit 

12. Resources

The minerals industry will benefit from a $200million Accelerator grants program, $50million to support research and development and an updated industry strategy

13. Farmers 

Under a new tax regime, farmers will treat revenue from the sale of carbon credits as primary production income to reduce bills

These changes will provide farmers with an estimated $100million benefit through the tax system over the forward estimates  

14. Terrorist register

Australia will establish a national register for convicted terrorists as part of the federal government’s national security funding in the upcoming budget 

A nearly $87 million package will go towards the register and further support for anti-terror agencies that tackle high-risk offenders

15. Truck drivers  

An inland freight route tipped to be a second Bruce highway will get an extra $400 million funding boost.

Upgrades to the more than 1,100-kilometre route aim to move trucks off existing highways, making it safer and more efficient to transport freight across the two states

The extra funding will take the total cost of the upgrades to $800 million. The works expect to create more than 2,000 jobs in Queensland

16. Internet 

More than a million premises in regional and rural Australia will be able to access faster NBN speeds as part of an almost $500 million budget boost.

The federal government has set aside $480 million to help increase speeds on the NBN’s fixed wireless network, as well as introducing greater data limits as part of the Sky Muster service

 17. Scientists

The Government will spend $804million over the next ten years to fund scientific research and exploration of areas of Antarctica that no country has been before



Source link