Treasurer Scott Morrison has started to deliver his first Budget which includes measures to cut the tax rate for small businesses with an annual turnover of less than 10 million dollars.
The tax rate will fall from 28.5 per cent to 27.5 per cent.
Mr. Morrison has also announced the formation of an Australian Taxation Office taskforce to pursue multinationals and high wealth individuals who are evading tax.
The treasurer has announced no changes in negative gearing.
Treasurer Scott Morrison has brought down his first Budget, saying it's a plan for the country's future prosperity.
His budget rests on three key target areas: growing the economy and growing jobs, fixing disincentives to growth within the tax system, and balancing spending and revenue measures to ensure the government lives within its means.
The treasuerer has announced tax relief for middle income earners by raising the second highest tax bracket from $80,000 to $87,000.
12.5% increase in tobcoo excise each year for the next four years.
From July 1, 2017, access to generous superannuation tax concessions for the most wealthy will reduce.
The Government will also be introducing a low-income superannuation tax offset from July 1, 2017.
The treasurer says 96% of Australians with super will be unaffected by or be better off as a result of the superannuation changes.
Treasurer Scott Morrison says from April 1, 2017, job seekers can participate in 'intensive pre-employment skills training' within 5 months of registering. The treasurer termed it a new attempt to get the "vulnerable young people into jobs".
Changes in passport fee
Passport fees are set to increase from the 1st of January next year.
The cost of each new passport will increase by $20 for adults and $10 for children and seniors.
The fee for priority processing of passport applications will increase by $54.
The government says this measure will raise $172.9 million over four years from 2016-17, which will be used by the Government to help offset the increased cost of providing consular services and fund policy priorities.
Asylum seekers arriving by boat Source: AAP
What's in the budget for immigration?
- Four Australian immigration detention centres - Perth residential housing, Maribyrnong (VIC) detention centre, Blaxland compound at Villawood (NSW) detention centre - to close saving close to $40 million over four years
- Lease for Wickham Point (NT) centre won't be renewed beyond November 2016
- Brings to 17 number of detention centres closed since 2013
- $55.4 million to Indonesia for assistance for asylum seekers
- Extra $61.5 million for Nauru and Manus Island detention centres
- $12.1 million support for unaccompanied refugee minors over two years.
