Small-to-medium business owners are big winners, with an extension of existing tax concessions to SMEs with a turnover of up to $A10 million. These groups will now pay a company tax rate of 27.5 per cent from 2016-17, progressively dropping to 25 per cent by 2023-24.
On the flipside, a new diverted profits tax and task force will target multinational tax avoidance in a move that, alongside existing anti-avoidance laws, is expected to raise $A3.7 billion.
Smokers are again also in the crosshairs, with an increase in the tobacco excise and customs duties, on top of already existing indexation.
Check out the infographic below to learn more.