Economy

Budget 2009: Key budget measures at a glance

Patrick Stafford /

  • Increase of the small business tax break to 50% on eligible assets purchased before the end of 2009 for businesses with turnover of less than $2 million.
  • $22 billion for transport, energy, communications, education and health infrastructure, including $8.5 billion for road, rail and ports.
  • $3.1 billion in innovation spending over the next five years, including a new $1.4 billion R&D tax credit that starts in 2010-11.
  • A paid parental leave scheme that starts in 2010-11.
  • A reduction of the level that workers can make annual contributions to superannuation at a concessional tax rate. This will fall from $50,000 to $25,000.
  • The enlarged first home buyer grant to be extended until 30 September, when it will reduce to $10,500 for established homes and $14,000 for new homes.
  • Extension of the Do Not Call Register to cover businesses, fax users and emergency service providers.
  • An increase of $30 a week in the pension. The qualifying age will be increased from 65 to 67 gradually, beginning in 2017.

 

 

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Patrick Stafford

Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.

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