Personal Income Tax Plan

Summary of proposal

The request sought the financial implications of the 2018-19 Budget measure Personal Income Tax Plan and the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan, by component and start date.

The components of the 2018-19 Budget measure are as follows:

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Common group insurance

Summary of proposal

The proposal would prohibit default superannuation funds from providing insurance products, either by default or on an opt-in basis, through active accounts with a balance below $6,000, and through new accounts belonging to members aged under 25 years.

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Budget savings from single parents

Summary of proposal

This request sought an estimate of the total budget expenditure savings from parenting payment single that have occurred to date. The related legislative changes were made via the following Acts.

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Budget savings from single parents

Summary of proposal

This request sought an estimate of the total budget expenditure savings from parenting payment single that have occurred to date. The related legislative changes were made via the following Acts.

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Budget savings from single parents

Summary of proposal

This request sought an estimate of the total budget expenditure savings from parenting payment single that have occurred to date. The related legislative changes were made via the following Acts.

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Budget savings from single parents

Summary of proposal

This request sought an estimate of the total budget expenditure savings from parenting payment single that have occurred to date. The related legislative changes were made via the following Acts.

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Increase JobSeeker Payment

Summary of proposal

The proposal would increase working age payments (primarily JobSeeker Payment). Three options have been costed.

Option 1

The minimum amount a JobSeeker Payment recipient receives through private income and government payments would be set to the Organisation for Economic Co-operation and Development (OECD) relative measure of poverty.1

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Exempting historic vehicle imports from the luxury car tax

Summary of proposal

This proposal would remove the luxury car tax on imported vehicles over 40 years of age. Goods and services tax (GST) would continue to apply to imported vehicles.

The request also sought an assessment of the likely impact on GST due to increased economic activity.

This proposal has a start date of 1 July 2020.

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Exempting historic vehicle imports from the luxury car tax

Summary of proposal

This proposal would remove the luxury car tax on imported vehicles over 40 years of age. Goods and services tax (GST) would continue to apply to imported vehicles.

The request also sought an assessment of the likely impact on GST due to increased economic activity.

This proposal has a start date of 1 July 2020.

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Exempting historic vehicle imports from the luxury car tax

Summary of proposal

This proposal would remove the luxury car tax on imported vehicles over 40 years of age. Goods and services tax (GST) would continue to apply to imported vehicles.

The request also sought an assessment of the likely impact on GST due to increased economic activity.

This proposal has a start date of 1 July 2020.

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