Here’s what life will be like under the Coalition. Picture: AAP
Here’s what life will be like under the Coalition. Picture: AAP

How the Coalition victory will impact you

From young families, to small business owners and retirees, here are the major changes the Coalition has planned that will affect you.

 

YOUNG FAMILIES

· Tax offsets of up to $1080 will come in each worker's ATO return if on $48,000 to $90,000 from July.

· Below that you will still get some relief, but not as much - and less than Labor promised.

· The tax grabs Labor aimed at those earning over $180,000 will be avoided.

· The Coalition will now aim to deepen its already legislated future tax cuts.

 

Tax offsets of up to $1080 will come in each worker’s ATO return if on $48,000 to $90,000 from July. These are expected to benefit young families. Picture: iStock
Tax offsets of up to $1080 will come in each worker’s ATO return if on $48,000 to $90,000 from July. These are expected to benefit young families. Picture: iStock

 

DINKS

· On $48,000 to $90,000? A tax refund of up to $1080 per person will come in your ATO return.

· Smaller refunds will be paid below and above this range, up to $126,000.

· The chances of tax cuts from 2022-23 just shot up, although there will be another election first.

· Higher-income earners will avoid the raids that would have come under Bill Shorten.

 

EMPTY NESTERS

· A Morrison government is better than PM Shorten for this group.

· The ALP would have denied franking credit cash refunds on Aussie share dividends.

· It also planned to make it harder to build a nest by making catch-up contributions.

· The Coalition will scrap the work test for voluntary super contributions those aged 65 or 66.

 

Higher-income earners will avoid the raids that would have come under Bill Shorten. Picture: iStock.
Higher-income earners will avoid the raids that would have come under Bill Shorten. Picture: iStock.

 

SMALL BUSINESS OWNERS

· Instant asset write-off threshold will rise from $25,000 to $30,000 per asset.

· Access to the scheme has been expanded to medium-sized businesses.

· Funding for up to 80,000 new apprenticeships over five years.

· The existing incentive for taking on apprentices will be doubled to $8000.

 

Small business owners will enjoy an instant asset write-off threshold increase from $25,000 to $30,000 per asset under the Coalition. Picture: iStock
Small business owners will enjoy an instant asset write-off threshold increase from $25,000 to $30,000 per asset under the Coalition. Picture: iStock

 

STUDENTS

· Not the Coalition's strong suit. There was a better deal on offer from Labor.

· But there will be $94 million of scholarships to study at regional universities.

· $525 million vocational skills package announced in the Budget.

· Those planning to become commercial pilots get more VET loan assistance.

 

There is not much on offer for age pensioners; Labor had promised dental help.. Picture: iStock.
There is not much on offer for age pensioners; Labor had promised dental help.. Picture: iStock.

 

RETIREES

· If you're self-funded, crack a bottle of bubbly - this is a great result for you.

· Labor's plan to abolish franking credit cash refunds would have been a hammer blow.

· That would have netted $58 billion to 2030 - from the savings of people like you.

· There is not much on offer for age pensioners; Labor had promised dental help.


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