Tuesday 9 May, the Federal Government handed down its Budget for the 2017–18 financial year.
It’s important that you take the time to understand how the Budget proposals may affect you personally, so please read our Budget Overview on for more detail. Additionally, you can the video from Ray Jaramis giving you the highlights.
Here are some of the announced Budget changes that could affect you. However, it’s important to remember that these are only proposals at this stage, and each proposal will only become law once it’s passed by Parliament.
Tax changes:
- A seven-year personal income tax plan, to be delivered in three stages
- Maintaining the Medicare Levy at 2%
- Increasing the Medicare Levy’s low-income thresholds
- Extending accelerated depreciation for small businesses
Superannuation adjustments:
- A work test exemption for retirees
- Increasing SMSF membership from 4 to 6 members
- Introducing a three-year audit cycle for some SMSFs
Supporting mature Australians:
- New means testing rules for certain lifetime income streams
- Expanding the Pension Work Bonus
- Extending eligibility for the Pension Loan Scheme
- Increasing the availability of home care packages
- Additional funding for residential aged care and short-term restorative care
We’re here to help
The team at Treysta will support you through these changes. If you have any concerns or would like to discuss your financial strategy, please don’t hesitate to get in touch.
