2009-10 Budget

Budget Highlights

Highlights of the new budget are:

A pension increase of $32.49 per week for singles and $10.14 per week combined for couples on the full rate.

A 50 per cent Small Business Tax Break for eligible assets.

Extending the First Home Owners Boost for an extra 6 months. The grant will remain at current levels until 30th Sep 2009, then reduced to $10,500 ($14,000 for new dwellings). From 31st Dec 2009 the grant will be reduced to $7,000.

A Reduction in the Superannuation Co-Contribution to a maximum of $1,000 and 100% matching (down from $1,500 & 150%) 

Reducing the concessional contributions caps for superannuation. The caps will be reduced to $100,000 for over 50s and $25,000 for those under 50.

Tightening the non‑commercial losses rules to prevent high‑income individuals (those who earn $250,000 or more) from deducting losses from activities that are unlikely to make a profit, and which are often more like hobbies or lifestyle choices, against their salary, wage and other income.

Medicare Levey low-income thresholds will be increased to $17,794 for individuals & $30,025 for families. Each dependent child or student will increase this threshold by $2,757.

The Private health rebate will be means tested, and reductions will apply to individuals earning over $75,000 and families earning over $150,000.

We will provide more details on each significant measure as more information becomes available.