All of the below is subject to the legislation passing parliament and is in no way or form guaranteed.
Tax Cuts (almost across the board)
- $45-90,000: Low and Middle Income Tax Offset (LMITO) to remain for the FY20. So that means up to $1,080 less tax per year.
Tax Cuts Slated for 2022 brought forward and back dated to July:
- Upper limit of the lowest 19 per cent Tax threshold raised from $37,000 to $45,000
- Cut-off for 32.5 per cent tax band lifted from $90,000 to $120,000
Payments for Pensioners
Two more tax-free payments of $250 to pensioners and others on Government Support. Payments will be in November and early next year.
The full list includes people on the:
- Age Pension
- Disability Support Pension
- Carer Payment
- Family Tax Benefit, including Double Orphan Pension (not in receipt of a primary income support payment)
- Carer Allowance (not in receipt of a primary income support payment)
- Pensioner Concession Card holders (not in receipt of a primary income support payment)
- Commonwealth Seniors Health Card holders
- Eligible Veterans’ Affairs payment recipients and concession card holders
First Home Buyers
- First home loan deposit scheme to be extended to June 2021 and the Price cap adjusted from $700k to $850k for Melbournites.
Private Health
- Increase in the age limit that a child can remain on your private health policy to age 30.
Granny Flat CGT Exemption:
Set to apply from July 1, 2021, where a formal written agreement is in place between the tenants and owners of a Granny flat, the Granny Flat will be subject to CGT exemptions. The rules covers agreements entered into because of family relationships or other personal ties.
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