Page 12 - Byfields Budget 2024

If you own an investment property...

The Treasurer has kept to his word and not made any changes to negative
gearing policy, despite significant pressure from the Greens, Teals and
some from the left within his own party.

Negative gearing is when the cost of owning a rental property outweighs
the income it generates, creating a taxable loss which can be offset against
other income.

For example, if someone rents out an investment property for $20,000 a
year but they pay $30,000 in interest on their mortgage they can
essentially subtract $10,000 from their salary and only pay tax on what
remains.

Negative gearing benefits investors looking to expand their property
portfolio rather than first-time buyers.

If you're studying teaching, nursing, social work or midwifery and
have placement coming up...

Some 73,000 students will receive a $320 weekly payment while on

mandatory placement in select fields in an attempt to combat 'placement
poverty'.

Up until now, students studying teaching or nursing have been expected to

complete lengthy unpaid work placements, making it hard to survive or to
maintain jobs.

The payment will be means tested. It will also be on top of any other

income support a student is eligible for.

If you're about to take parental leave...

The Labor government has committed to paying superannuation on paid
parental leave if it wins the next election.

Super would be paid at 12 per cent of the paid parental leave rate, in a
move set to significantly reduce the gender gap at retirement.