Screen Shot 2018-05-01 at 12.27.53 pm
CA Career Workshop Recap
May 1, 2018
Screen Shot 2018-06-07 at 11.05.34 am
Life After Uni Workshop (DEVISE)
June 7, 2018

Winners and Losers Exploration of 2018 Budgets

Budget-2018-19-3

Scott Morrison who is an Australian politician and has been a Liberal party member since 2007 has released his third Federal Budget on who will win and loses due to the election ahead. The purpose of the Budget was to allow Australians the opportunity to plan their future with great confidence.

Budget-2018-19-3


 

Winner - Tax Payers

Governments are developing a plan to assist low and middle-income earners which can ultimately benefit more than 10 million people. By next July, the plan intends to deliver a tax relief for those Australians earning up to $37,000 as tax will reduce by $200. Additionally, individuals who earn between $37,000 and $90,000 will pay a tax of 32.5 percent instead of 37 percent. Through the implementation of the plan, 94 percent of Australian taxpayers will pay no more than 32.5 cents. 

tax-2-770x433


Winner — Independence students

For those individuals studying away from home, they will be able to gain easier access to youth allowance. Parental income is a key aspect of whether the young adult is eligible for the payment.  Changes will be made to the eligibility test allowing students who have parents that earn up to $160,000 being eligible for youth. 

How-to-File-a-FAFSA-as-an-Independent-Undergraduate-Student


Loser — Welfare recipients 

The government hopes to raise $373 million from welfare recipients due to the extension of data matching activities. However, welfare recipients who have committed criminal offenses will have their payments suspended or canceled. The waiting period for new migrants that want to receive welfare benefits will increase from three years to four years starting from July in the hopes of saving up to $200 million. Employment will also be reduced in the Department of Human Services with job availabilities being less than 1,280 due to the Government outsourcing services. 

10-Reasons-Welfare-Recipients-Should-Be-Required-to-Work


Loser — Cash users

The government has an aim of putting an end to the black economy which is essentially a part of a country’s economic activity that is unrecorded and untaxed by the government. In order to stop payments from failing out of the tax systems, a $10,000 limit is introduced for cash payments made for goods and services with the hopes of bringing in $5.3 billion over the next four years. 

cashbit


Come and see what we’re all about, or connect with us on  FacebookInstagram, and LinkedIn.

For those individuals who are interested in a Tax Account program or planning to become a taxation professional. Learn more about Tax Account Job Ready Program by clicking on the link below. 

http://seedtraining.com.au/tax-accountant-program/

Credits

 

Author: Lina Nguyen

Comments are closed.