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2021/22 FWP Budget Review
Read more: 2021/22 FWP Budget ReviewThe first post COVID budget has been released and while the numbers are slightly better than what was previously expected, it wasn’t a budget where the reins were pulled. Given the spending, Labor must be wondering what to do with themselves. On a surface level, the LNP are seemingly occupying more of what is often marketed as Labor’s bigger spending space. Where this leaves Labor ideologically, as the LNP projects budget deficits for years with net debt pushing $1 trillion dollars, who knows? With an early election supposedly coming up off the back off this budget, there is plenty of…
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Federal Budget 2020/21
Read more: Federal Budget 2020/21The delayed and momentous 2020 Federal budget has been handed down. It contains some amazing figures. The normally fiscally conscious Liberal Nationals have turned spendthrifts in a bid to lift the country out of the COVID-19 induced recession. It wouldn’t be a budget without heroic assumptions and the biggest in this budget is the assumption there will be a COVID vaccine next year, along with the majority of Australians being vaccinated. It also assumes growth will be running at 4.25% and unemployment will be down to 6.5 per cent by the end of 2022. Another big assumption: everyone will run…
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2018 FWP Federal Budget Overview
Read more: 2018 FWP Federal Budget OverviewLast night’s federal budget stood out on a tax perspective and there were a couple of other positives to be found. Importantly, we’ve just clocked two consecutive budgets without major superannuation meddling. And the super changes we did get were positive. Pensioners The Pension Loans Scheme will be opened to all Australians over 65, including full rate pensioners and self-funded retirees, so they can boost their retirement income by up to $11,799 for a single and $17,800 for a couple without impacting on their eligibility for the pension or other benefits. Essentially a reverse mortgage, anyone over the retirement age can…
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2017 Federal Budget Review
Read more: 2017 Federal Budget ReviewLast night’s budget was notable for its lack of major superannuation meddling for once. So, in the absence of any truly significant changes, we’ve pulled out the key points for you to consider.Pensioners Older Australians who lost their pensioner concession card by the pension assets test change introduced this year – you will be getting them back. The Government will make a one-off Energy Assistance Payment of $75 for single recipients and $125 per couple for those eligible for pension payments on 20 June 2017 and who reside in Australia. The payment will be automatically paid in the week commencing…
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Super Changes from 1 July 2017
Read more: Super Changes from 1 July 2017The argy-bargy is over and late last year the government’s superannuation reforms from the 2016/17 budget passed through both houses of parliament. What does this mean? The reforms will come into place on July 1 2017, so here’s a rundown on some key changes. Transfer balance cap: From July 1 there will be a $1.6 million transfer balance cap on the amount of superannuation one can transfer into the tax-free retirement phase. Savings above this limit can remain in accumulation (where tax is 15%) or can be removed from the super environment. Earnings on the balances in retirement phase will…
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