Federal Budget 2016: Winners and losers

FEDERAL Treasurer Scott Morrison has handed down his first budget. Here’s a break down of who benefits and who does not.

Federal Treasurer Scott Morrison speaks at the despatch box during the delivery of the 2016-17 Federal Budget in the House of Representatives at Parliament House in Canberra. Picture: AAP/Lukas Coch

FEDERAL Treasurer Scott Morrison has handed down the Federal Budget 2016.

Here’s a break down of who benefits and who does not.

THE WINNERS AND LOSERS IN BUDGET 2016

WINNERS

SMALL TO MEDIUM-SIZED COMPANIES

Company tax rate cut for 870,000 companies with annual turnover less than $10 million; additional 90,000 small businesses can access tax concessions; among other measures

THOSE EARNING MORE THAN $80,000

Get a modest tax cut, through increasing second-highest tax bracket from $80,000 to $87,000

ALL BUSINESS, IN TIME

Company tax rate to fall from 30 per cent to 25 per cent over next decade

AUSTRALIAN TAXATION OFFICE

Gets $679 million for a new task force to ensure multinationals, private companies and the super rich pay the right amount of tax

WORKING MUMS, LOW-INCOME EARNERS

Partners encouraged to top up low-income spouses’ superannuation through extended eligibility to claim tax offset for contributions; allowing women and carers whose work has been interrupted to make catch-up super contributions.

LOSERS

ANYONE EARNING LESS THAN $80,000

Not even a modest tax cut for you. The government says you already benefited through the abolition of the carbon tax

MULTINATIONAL TAX DODGERS

So-called Google tax to penalise large multinationals that attempt to shift their Australian profits offshore to avoid paying tax

SMOKERS Four annual 12.5 per cent increases in tobacco excise to lift price of packet of cigarettes to about $40 by 2020

THOSE WANTING PROPER TAX REFORM

The government’s long-awaited tax plan amounts to changes rather than widespread reform

UNDECIDED AUSTRALIA’S SUPER RICH

Get most of the benefit from tax threshold change, plus end of the budget repair levy in July 2017. But they lose out through reduced access to generous superannuation tax concessions for the most wealthy.

Originally published as Federal Budget 2016: Winners and losers