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Guest BurgessFamily

Budget... LFHA residency restrictions, Baby bonus reduced & frozen, Visa costs rise

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    Guest BurgessFamily

    (LAFHA) Living-away-from-home allowance and benefits

    • access for temporary residents limited to those who maintain a residence for their own use in Australia, while they are living away from home for work purposes, such as 'fly-in fly-out' workers
    • individuals required to substantiate actual expenditure on accommodation and food beyond a statutory amount
    • no permanent resident using the exemption for accommodation and food expenses will lose out

    SAVINGS: $710 million over forward estimates

    Dependent Spouse Tax Offset

    • offset restricted to those with spouses born before 1 July 1952
    • change won't affect those whose spouse is an invalid or a carer, or who receive the zone, overseas forces or overseas civilian tax offsets

    SAVINGS: $370 million over forward estimates

    Tax reforms deferred:

    • Standard deduction for work-related expenses deferred until 1 July 2013
    • Fifty per cent tax discount for interest income deferred until 1 July 2013
    • Phase down in interest withholding tax for financial institutions be deferred until 2014-15
    • New tax system for managed investment trusts deferred until 1 July 2013

    SAVINGS: $2.1 billion over forward estimates

    Baby bonus reduction

    • bonus cut to $5000, from $5400, from September 1, 2012
    • indexation paused for three years from July 1
    • paid parental leaving scheme unaffected

    SAVINGS: $400 million year one, $1.5 billion year two

    Visa charges

    • Cost of some non-resident visas to rise

    SAVINGS $613 million over forward estimates

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