Budget 2016 impacts, page-2

Any government that wants a re-election isn't going to do anything too extreme.

If anything they will give a little.

So far what we know is there is a plan for tax cuts and to pursue multinationals.

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PRIME Minister Malcolm Turnbull has promised today’s budget will aim to make the tax system fairer and more sustainable.

Treasurer Scott Morrison’s first budget will be a “national economic plan” to drive growth and jobs.
Mathias Cormann also confirmed the Budget would contain a 12.5 per cent annual increase in tobacco excise to 2020, which could produce a $40 packet of cigarettes by 2020.

It is expected make changes to middle-income tax brackets to fend off bracket creep impacting thousands of workers over the next couple of years.
Superannuation tax concessions are expected to be reined in for the rich, while there will be money for infrastructure, schools and health.

There are expected to be planned cuts to small and medium-sized businesses. The company tax rate will also be cut, funded by a further crackdown on multinational tax dodgers.
Labor is unlikely to support a general cut in the company tax rate, although it does aspire to cut the tax rate to 25 per cent for small business from 28.5 per cent.
Budget leaks have also emerged, showing Labor is facing a multibillion-dollar Budget blowout, putting in doubt plans to fully fund its signature Gonski education reforms.
New Treasury figures have revealed Bill Shorten will face a $19.5 billion shortfall from his plan to hike up taxes on cigarettes.

http://www.heraldsun.com.au/news/na...e/news-story/89363d347fb7de947abf6de2b3f8c349