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Mining Tax Abolished As Government Deals With Palmer

2.20pm – The federal government has struck a deal with Clive Palmer and the Senate has voted 36-33 to abolish the mining tax.

The agreement will see the Income Support Bonus continue until the end of 2016. The Schoolkids Bonus will also continue until the end of 2016 but will be means-tested and eligibility will cut out for family incomes above $100,000. The Low Income Super Contribution will continue in its existing form until June 30, 2017. The agreement will also see a slower increase in compulsory superannuation, with an increase to 10% from July 2021 and then by increments until it reaches 12% in 2025. [Read more…]