Federal Budget 2021: Find out how much you’ll get with the free income tax calculator

Millions of Aussies are set to benefit from a load of cash being thrown around. Find out how you will benefit from the budget spending.

The cash has been splashed in another big spending budget from the Federal Government, with parents, first home buyers and aged care residents among the winners.

Millions of Aussies have also been delivered a tax cut worth up to $2160 for couples. Known as the Low and Middle Income Tax Offset (LMITO), or colloquially as “The Lamington”, the offset is payable when you lodge your tax return.

It’s worth up to $1080 for singles earning under $126,000 and $2160 for couples on low and middle incomes.

You can find out how much you’re likely to get this year in our budget calculator below.

Childcare fees have also been slashed for families with two or more children, although the cuts won’t come into effect until July 2022.

The $1.7 billion package will increase the childcare subsidy to a maximum of 95 per cent for the second and subsequent children in care. It will also abolish the $10,560 annual subsidy cap for high-income earners.

Parents are set to be given a tax relief in a number of areas. Picture: iStock

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Part-time workers and mothers have also been recognised with the $450 a month threshold to pay compulsory super scrapped, boosting retirement incomes. It’s the threshold that causes almost twice as many women as men to miss out on a super contribution when working in insecure, part-time jobs.

Families earning more than $189,390 will have the $10,560 annual subsidy cap for childcare removed, under changes set to come into effect in July 2022.

The aged care sector will be given a $17.7 billion boost including $10 per day for each resident, 80,000 new home care packages (taking the total to 275,000), and 33,000 new training places for nurses. Nurses and carers will have more face-to-face time with residents, but will be paid higher retention bonuses.

Anyone aged over 60 looking to downsize their home can bolster their superannuation, putting up to $300,000 earned from selling their property towards their super.

Single parents have been given a huge cash injection in the property market, with the government introducing a new program allowing them to buy a home with just a 2 per cent deposit. The program would support up to 10,000 single parents with dependants over four years, commencing July 1, 2021.

The five per cent deposit scheme for 10,000 first-home buyers purchasing a new dwelling will also continue, with the Government guaranteeing up to 15 per cent of the loan. The First Home Super Saver will also allow up to $50,000 in voluntary contributions, up from $30,000, for a first home deposit.

Tradies will benefit after a scheme allowing most businesses to write off the full value of eligible assets was extended until June 30, 2023.

Some other key points from tonight’s budget:

• $15.2 billion on infrastructure projects
• $13.2 billion over four years for the NDIS
• $10bn towards skyrocketing insurance premiums in Northern Australia
• $9 billion over four years to increase JobSeeker by $50 a fortnight
• $2.3 billion to mental health and suicide prevention
• $1.9 billion into strengthening national security, law enforcement and intelligence agencies
• $1.2bn towards the digital economy
• $747m (up from $500m) to revamp defence bases in Northern Territory
• $680 million on domestic violence programs
• $600m to resilience projects, such as bushfire- and cyclone-proofing homes
• JobTrainer to receive an extra $500 million
• $371m on biosecurity to keep out exotic pests and diseases
• $255 million in tax relief for 1000 small brewers and distillers
• $204.6m to extend telehealth services to December
• $100m boost for cervical and breast cancer screening
• $58.6m for gas projects to avoid shortages predicted in eastern states
• $15m over two years for the Australian Associated Press Newswire