Upper-middle Australia is set to reap the greatest rewards from the Turnbull Government's election eve budget, while high-income retirees are facing a surprise hit on their earnings.
- Wealthy retirees' tax free super capped at $1.6m
- 25 per cent flat company tax rate by 2026
- New $10m turnover ceiling for small business tax breaks
- Tax receipts down $6.4b next year
Explore who's a winner and who's a loser as a result of Scott Morrison's 2016 Budget...
Budget 2016: Winner & Losers
In his first budget as Treasurer, Scott Morrison has announced business and income tax relief while wrangling with a climate of modest economic growth.
Apart from a few pre-announced savings like the lucrative hike in tobacco taxes, and a 'Google tax' crackdown on multinationals, the budget appears to be largely a nip-and-tuck exercise as the Government seeks to avoid upsetting the larger voter base with less than nine weeks until polling day.
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