Thursday, 1 December 2016
Income Tax Rates Amendment (Working Holiday Maker Reform) Bill 2016 (No. 2); In Committee
To be very direct, the reduction from 95 per cent to 65 per cent in the tax on superannuation as it applies to working holiday-makers is a cost of $55 million over the forward estimates. The profile of that on a year-by-year basis—which is in the explanatory memorandum—is minus $15 million in 2017-18, minus $20 million in 2018-19 and minus $20 million in 2019-20. In relation to the $100 million Landcare contribution, it is $100 million over the forward estimates—notionally, $25 million per year, but that is yet to be finally settled.