Senate debates

Thursday, 1 December 2016

Bills

Income Tax Rates Amendment (Working Holiday Maker Reform) Bill 2016 (No. 2); In Committee

8:06 pm

Photo of Mathias CormannMathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

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.

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