From Gina’s iron ore newsletter, the mining tax is gone courtesy of Clive Palmer:
As a compromise, it will slow down dramatically the phasing up of the superannuation guarantee towards 12 per cent…It will keep the school-kids bonus until December 31, 2016 – although means-tested at a threshold of $100,000 – the income support bonus until the same date, and the low-income super contribution until June 30, 2017.
The other five measures will be abolished immediately. These are axing loss-carry back provisions for small business, reducing the instant asset write-off threshold from $5,000 to $1,000, freezing the super guarantee, axing vehicle accelerated depreciation and axing a geothermal exploration tax break.
Finance Minister Mathias Cormann said the cost to the budget would be $6.5 billion, meaning net savings of $10 billion, which is a $6.5 billion hit to the original proposal.
