Budget 2017: What the budget means for you

THE budget's winners are working parents with toddlers, courtesy of the big boost to childcare rebates from next year.

People on the top tax bracket are also better off in the short-term because the Treasurer has allowed the 2% budget repair levy to lapse from July.

The losers are lower and middle income households with school-age kids because their family benefits are being wound back.

Here you can use independent analysis by PwC economist and former Treasury boffin Jeremy Thorpe to work out how the budget affects you. First, find the household type closest to yours then pick the nearest total income level.

The tables cover changes to family tax benefit part A and B payments, increasing help with childcare fees and dropping the repair levy.

The dot points explain the numbers, as well as some of the other key moves we couldn't model but are likely to hit a household like yours.

The figures are annual comparisons between a no-change scenario and the net impact of the main hip-pocket measures. They show how each type of household is affected in each financial year compared to now.

The numbers here don't include the effect of increasing the Medicare Levy by 0.5%, because we've only modelled the next two financial years.

The proposed increase in the Medicare Levy happens after that. And remember, it may not get through the Senate.

SOLE PARENT

(Figures based on having one child, age nine)

Family tax benefits part A and B will be frozen at present levels until 2019, instead of going up with inflation.

The resulting FTB-A hit is up to $82 from July 1, 2017 and $188 a year after. For Part B it's as much as $48 in 2017-18 and $109 the following year.

Also, for "high income" families on $94,000 to $125,000, FTB-A will fall from July 1, 2018. Those under this bracket aren't affected; those over don't get FTB-A now.

If you have a toddler in childcare, you will receive a much bigger rebate from July 2018. That's not in the numbers above. It could dwarf the cuts.

For individuals on $180,000-plus, the tax rate drops back 2c in the dollar from July this year when the "temporary budget repair levy" ends. That's worth $200 for every $10,000 of extra income.

But from July 1, 2019 for every $10,000 of earnings you'll pay an extra $50 in the Medicare Levy.

The plan to stop FTB-B payments to single parents under 60 when their youngest child turns 17 has been dumped.

SINGLE-INCOME COUPLE WITH YOUNG KIDS

(Figures based on having two kids, one and three)

Family tax benefits part A and B will be held at current rates for two years, instead of rising with CPI.

It means you lose an FTB-A increase of as much as $165 from July 1 and $377 the year after. For Part B, it's a hit of $66 a year in 2017-18 and $151 the following year.

Also, for "high income" families on $94,000 to $125,000, FTB-A will fall from July 1, 2018. Those under this bracket aren't affected; those over don't get FTB-A now.

If you're on $180,000-plus, the tax rate drops back 2c in the dollar from July next year when the "temporary budget repair levy" ends. That's worth $200 for every $10,000 of extra income.

From July 1, 2019 for every $10,000 of income you'll pay an extra $50 in the Medicare Levy.

Those households on $80,000-plus will no longer get the FTB-A supplement, worth up to $726.35 per child.

SINGLE-INCOME COUPLE WITH TEENS

(Figures based on having two kids, 13 and 15)

Family tax benefits part A and B will be frozen at present levels until 2019, instead of going up with inflation.

The FTB-A hit is as much as $208 from July 1 and $475 the following year. For Part B, up to $48 less a year will be received in 2017-18 than it would have been and $109 the year after.

Also, for "high income" families on $94,000 to $125,000, FTB-A will fall from July 1, 2018. Those under this bracket aren't affected; those over don't get FTB-A now.

Individuals earning more than $180,000 a year will no longer have to pay the two per cent "temporary budget repair levy", which gives back $200 for every additional $10,000 in income.

From July 1, 2019 for every $10,000 of income you'll be slugged an extra $50 in the Medicare Levy.

Households bringing in over $80,000 will no longer receive the FTB-A supplement, worth up to $726.35 per child.

DOUBLE-INCOME COUPLE (50/50) WITH YOUNG KIDS

(Figures based on having two kids, one and three)

Family Tax Benefit Part A (FTB-A) payment is being held at the current rate until 2019, instead of rising with inflation.

That costs you as much as $165 from July 1 and $377 the following financial year compared to what you would have received.

For "high income" families on $94,000 to $125,000, FTB-A will fall from July 1, 2018. Those under this bracket aren't affected; those over don't get FTB-A now.

From July 2018 you should get a big increase in the childcare rebate. The boost will likely be in the order of $3000 for families earning under $80,000 and less for those over that amount.

Those households earning over $80,000 will no longer receive the FTB-A supplement, worth up to $726.35 per child.

For workers on $180,000-plus, the tax rate drops back 2c in the dollar from July next year when the "temporary budget repair levy" ends. That's worth $200 for every $10,000 of extra income.

From July 1, 2019 for every $10,000 of income you'll pay an extra $50 in the Medicare Levy.

DOUBLE-INCOME COUPLE (50/50) WITH TEENS

(Figures based on having two kids, 13 and 15)

Family Tax Benefit Part A payment is being frozen at the present level for two years, instead of going up by CPI.

The FTB-A increase forgone is as much as $208 from July 1 and $475 the following financial year.

For "high income" families on $94,000 to $125,000, FTB-A will fall from July 1, 2018. Those under this bracket aren't affected; those over don't get FTB-A now.

Individuals earning more than $180,000 a year will no longer have to pay the two per cent "temporary budget repair levy", which gives back $200 for every additional $10,000 in income.

From July 1, 2019 for every $10,000 of income you'll pay an extra $50 in the Medicare Levy.

Households bringing in over $80,000 will no longer receive the FTB-A supplement, worth up to $726.35 per child.

DOUBLE-INCOME COUPLE (67/33) WITH YOUNG KIDS

(Figures based on having two kids, one and three)

The Family Tax Benefit Part A payment is being held at the current rate until 2019, instead of rising with inflation.

That costs you up to $165 from July 1 and $377 the following financial year compared to what you would have received.

For "high income" families on $94,000 to $125,000, FTB-A will fall from July 1, 2018. Those under this bracket aren't affected; those over don't get FTB-A now.

From July 2018 you should get a big increase in the childcare rebate. The boost is likely to be in the thousands of dollars per year.

If you're on $180,000-plus, the tax rate drops back 2c in the dollar from July next year when the "temporary budget repair levy" ends. That's worth $200 for every $10,000 of extra income.

From July 1, 2019 for every $10,000 of income you'll pay an extra $50 in the Medicare Levy.

Households earning over $80,000 will no longer receive the FTB-A supplement, worth up to $726.35 per child.

DOUBLE-INCOME COUPLE (67/33) WITH TEENS

(Figures based on having two kids, 13 and 15)

Family Tax Benefit Part A payment is being frozen at current rates until 2019 instead of going up by CPI.

The FTB-A increase forgone is as much as $208 from July 1 and $475 the following financial year.

For "high income" families on $94,000 to $125,000, FTB-A will fall from July 1, 2018. Those under this bracket aren't affected; those over don't get FTB-A now.

Individuals earning more than $180,000 a year will no longer have to pay the two per cent "temporary budget repair levy", which gives back $200 for every additional $10,000 in income.

From July 1, 2019 for every $10,000 of earnings you'll pay an extra $50 in the Medicare Levy.

Households earning over $80,000 will no longer receive the FTB-A supplement, worth up to $726.35 per child.

SINGLES

Aspiring first-home buyers can save a deposit more quickly by salary-sacrificing into their super account at lower tax rates.

You can accumulate up to $30,000 towards a deposit in this way. The Government says you will be able to accelerate your savings by at least 30 per cent.

Those carrying existing university degree debts will have to start paying back when they hit $42,000 a year, down from $55,000. Uni students face higher fees too.

From July 1, 2019 for every $10,000 of income you earn you'll pay an extra $50 in the Medicare Levy. That's not in the figures above, which cover 2017-18 and 2018-19.

If you're on $180,000-plus, the tax rate drops back 2c in the dollar from July next year when the "temporary budget repair levy" ends. That's worth $200 for every $10,000 of extra earnings.

DINKS (50/50 INCOME SPLIT)

Trying to buy your first home? You will be able to build a deposit more quickly by salary-sacrificing into your super account at lower tax rates. You can each accumulate up to $30,000.

Those carrying existing university degree debts will have to start paying back when they hit $42,000 a year, down from $55,000. Uni students face higher fees too.

From July 1, 2019 you'll pay an extra $50 in the Medicare Levy for every $10,000 you each earn. That's not in the figures above, which cover 2017-18 and 2018-19.

From July this year, individuals earning more than $180,000 a year will no longer have to pay the two per cent "temporary budget repair levy", which gives back $200 for every additional $10,000 of income.

If you're planning to start a family, childcare fee rebates will increase by thousands of dollars annually from July 1, 2018.

RETIREES

The good news is there were no negative changes to pensions or superannuation rules, unlike recent years.

People over 65 who downsize their own home will each be able to add an extra $300,000 into superannuation on top of existing caps.

If you lost the pensioner concession card through this year's tougher pension assets test, you'll be getting it back.

Seniors' health gets a boost through an extra $1.2 billion being injected into programs such as the Pharmaceutical Benefits Scheme (PBS).

Retirees receiving in-home care such as personal services and Meals on Wheels will benefit from the Government providing $5.5 billion over two years from 2018 to extend the Commonwealth Home Support Program.

News Corp Australia

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