Winners – Small Businesses, Drivers, Upper middle income earners
Small businesses – Will get a tax cut from July 1 this year, with the rate reduced to 27.5 per cent. The threshold for businesses eligible for this will rise from $2 million in annual turnover to $10 million. This will affect about 870,000 businesses and about 3.4 million workers.
Drivers – The Government will spend nearly $3 billion on new infrastructure projects, much of it concentrated in Victoria and focused on roads.
The state’s Western Ring Road will get $350 million, while there will be $500 million for the Monash Freeway, $345 million for rural and regional highways and $75 million to combat congestion in urban areas. In Queensland, $200 million will be provided for upgrades to the Ipswich Motorway in the state’s south-east. How will this affect the new development areas heading out to Ballarat and the Surf Coast in Victoria along with the already identified growth corridor between Brisbane and Ipswich – exciting times ??
Upper middle income earners – By increasing the upper limit for the middle income tax bracket from $80,000-$87,000, the Treasurer has given those towards the top of the earnings pile an extra boost, with roughly the top 25 per cent of working Australians set to benefit.
For more information click this link https://www.abc.net.au/news/2016-05-03/budget-2016-winners-losers/7338448