First home-buyers can save for a deposit by salary sacrificing into their super.
Downsizers, 65+, can contribute up to $300,000 each to super from the sale the family home
regardless of satisfaction of the work test, total super balance or if aged 75 or over.
Negative gearing stays for mum and dad investors but travel claims for investment residential properties will be denied and capital expenditure eligibility will be tightened.
$18.6 billion has been earmarked for extra funding for schools over the next decade.
The Medicare levy will increase to 2.5% to help fund the National Disability Insurance Scheme.
University fees will rise by $2,000 to $3,600 for a four-year course and students will have to start paying back their debt when they earn more than $42,000 from July next year, down from $55,000. A 2.5 per cent efficiency dividend will be applied to universities for the next two years.
Child care changes
Only to families with incomes below $350,000 per annum (in 2017-18 terms) will get the child-care subsidy from 2 July 2018. The upper threshold will be indexed annually from 1 July 2018.
The five biggest banks will be charged a levy, raising $6.2 billion over four years.
The ATO will target tax avoidance by multinationals and big business.
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