Well, not much happened. And less again of relevance to most property investors.
Quick snapshot;
Those nasty first-home buyer saving accounts will become a little more flexible, too, as withdrawals will be allowed for use in paying off a mortgage.
The superprofit tax for mining companies was prominently featured, as well. Swan appears to be quite keen for it to get through.
As with every year, it's important to remember that this is only a budget; hardly crystal ball material. It's all got to get through parliament before it becomes reality. Also worth noting that Swan's budget from last year was out by $16b... so, we'll see what happens as it happens.
Quick snapshot;
- Tax on interest received a 50% discount, but only for the first $1,000 earned.
- Low income offset is increasing and scheduled income tax cuts are going ahead.
- Company tax reduced to 28% by 2014
- Increased thresholds for businesses to claim assets up to $5,000 outright
- Super guarantee will eventually increase to 12%
- $500 bonus super contributions from the government for low income earners
- Childcare rebates are being capped at $7,500 without any indexed increases.
Those nasty first-home buyer saving accounts will become a little more flexible, too, as withdrawals will be allowed for use in paying off a mortgage.
The superprofit tax for mining companies was prominently featured, as well. Swan appears to be quite keen for it to get through.
As with every year, it's important to remember that this is only a budget; hardly crystal ball material. It's all got to get through parliament before it becomes reality. Also worth noting that Swan's budget from last year was out by $16b... so, we'll see what happens as it happens.