Lower taxes and business tax relief
Tax cuts for low- and middle-income earners
Personal income tax cuts to support low- and middle-income earners worth up to $1,080 for individuals or up to $2,160 for couples.
The additional year of the low and middle income tax offset (LMITO) will provide tax cuts of up to $7,020 for individuals, and up to $14,040 for couples, in total over the period from 2018-19 to 2021‑22.
Business tax incentives
Reducing the tax rate for small and medium companies to 25 per cent from 1 July 2021.
The Government is supporting business investment by extending temporary full expensing and temporary loss carry-back for an additional year.
Supporting home ownership
New Home Guarantee
The Government is providing a further 10,000 places under the New Home Guarantee in 2021-22, specifically for first home buyers seeking to build a new home or purchase a newly built home with a deposit of as little as five per cent.
Family Home Guarantee
The Government is providing a pathway to home ownership to support single parents with dependants, regardless of whether they are a first home buyer or a previous owner-occupier. From 1 July 2021, 10,000 guarantees will be made available over four years to eligible single parents with dependants to build a new home or purchase an existing home with a deposit of as little as two per cent, subject to an individual’s ability to service a loan.
First Home Super Saver Scheme
From 1 July 2022, the Government will increase the maximum amount of voluntary contributions that can be released under the First Home Super Saver Scheme from $30,000 to $50,000.
Global business and talent
The Government has introduced a new Global Talent visa and Temporary Activity visa and will modernise the framework for individual tax residency, to encourage highly skilled individuals to relocate to Australia.
