All of the below is subject to the legislation passing parliament and is in no way or form guaranteed.
JobMaker Hiring Credit
- Partially subsidise the wages of young employees who are hired from tomorrow, but there are some conditions employers and employees will have to meet. Bosses will be able to claim $200 each week for every employee hired after tomorrow aged between 16 and 29, and $100 each week for every employee aged between 30 and 35. Some conditions include: The prospective employee must have been on JobSeeker, Youth Allowance or the Parenting Payment for at least one of the past three months. Begin working within the next 365 days. Work an average of at east 20 hours a week over the reporting period.
Getting Business Spending
- For turnover of less than $5 billion each year; instant asset write offs will continue so businesses can continue to write off in full any eligible asset they purchase for their business.
Fringe Benefits Tax Concessions
- The Revenue cap will be lifted from $10 million annual turnover to $50 million.
- Businesses exempt from paying 47% FBT on expenses such as parking and electronics.
- $52.8 million in grants within three months and $1.3 billion over the next year.
- $107.2 million for areas such as medical products, to lift domestic capacity for emergencies.