winers:
small business
As expected, the tax burden for small business owners – those with annual turnover under $2 million – will be lowered to the tune of 1.5 per cent, costing the Government $1.45 billion.
For smaller, unincorporated businesses – sole traders, partnerships, trusts, etc. – there will be a 5 per cent tax discount.
To help small businesses invest in new tools or machinery the Government will provide an immediate tax deduction of all assets under $20,000. Small businesses can buy as many items under that amount as they like and receive that deduction on each one, starting from budget night.
For start-ups, business registration will be streamlined, with one website acting as a one-stop shop for setting up a business. Start-ups will also be able to immediately deduct expenses such as legal fees they incur when setting up a new company.
national security
With homegrown terrorism a major area of concern for the Government, this budget sets aside $450 million to boost national security by giving various intelligence agencies more resources.
Of that, $296 million will go to boosting the technological capabilities of the country's intelligence-gathering agencies, while the new border protection service, the Australian Border Force, will get $50 million to train its officers.
The Government will also give $131 million to the telecommunications industry to help it comply with the new metadata collections laws, which force telcos to store the metadata of their customers for two years.
There will also be $22 million for social media monitoring that will help counter the online extremist dogma of groups like Islamic State.
losers:
Stay-at-home parents
As part of the Government's plan to get mothers into work, stay-at-home parents will lose access to childcare rebates.
While there is protection for low-income earners, those whose family income is above $65,000 per year will no longer be eligible for any childcare assistance.
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