The 2022 Budget Sweetener

$1500 worth of lamingtons anyone??

 

Australian workers earning under $126,000 a year will score a one-off “Lamington” tax bonus courtesty of the federal budget, which will deliver a bumper tax cut of up to $1500 in July.
Ahead of Treasurer Josh Frydenberg’s speech on Tuesday night, news.com.au revealed he would confirm a one-off $420 “Cost of Living Tax Offset”.

It will be delivered to 10 million working Australians in the form of a more generous low- and middle-income tax offset (LMITO), nicknamed the Lamington.
The election sweetener will bump up the low- and middle-income tax offset from $1080 to up to $1500.

KEY BUDGET FIGURES

Fuel excise – Halved for 6 months with drivers saving 22.1 cents per litre

Cost of living – $250 payment for 6 million Australians and a $420 tax offset for low – middle (those earning below $126,000) income earners

Parental leave – Extension of paid parental leave, including for single parents

Homeowners – Home guarantee scheme expanded to 50,000 places per year

Jobs – $5000 payment for new apprentices (in priority industries) and $15,000 in wage subsidies for employers

APPRENTICES & SMALL BUSINESS

$5,000 – in payments for new apprentices in priority industries from July 1

Up to $15,000 – Wage subsidies for employers who take on new apprentices

20 per cent – Tax breaks on training and digital work expenses for small businesses

$3.7 billion – Could open up thousands of new training spaces for low-income students

PAID PARENTAL LEAVE

20 weeks – Of paid parental leave to be shared between eligible working parents

Single parents – Will be able to access the full 20 weeks of paid parental leave

$350,000 – Collective income limit for households to be eligible for leave

   New laws set to be set to be introduced by March 1, 2023

WOMEN’S HEALTH

$1.3 billion – In additional funding to help end violence against women and children

$23 million – To help families who have experienced stillbirths or miscarriage

From May 1 – Triple negative breast cancer (previously cost $80,000 per course of treatment) drug Trodelvy will be subsidised

$482 million – To provide women with greater flexibility and choice about how to manage work and care

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