Federal Budget 2017

First home savers, downsizers and small business are the winners in Treasurer Scott Morrison’s second Budget – while taxpayers face an increase in the Medicare levy. Note: These changes are proposals only and may or may not be made law. Contributions from downsizing the home Date of effect: 1 July 2018 Individuals aged 65 or Read more…

How Much Should You Save for Retirement?

INTRODUCTION Most people ask themselves this question at some point in their working life (hopefully, relatively early). With the continued shift toward defined contribution plans, future retirees are being asked to take on more responsibility for their retirement outcomes than in the past. So the question is of vital importance. But do we have a Read more…

2016 Federal Budget summary

The Federal Budget Analysis prepared by the MLC Technical team, part of GWM Adviser Services Limited, appears below. 3 May 2016 Treasurer Scott Morrison has handed down his first Federal Budget—the Coalition Government’s third. The winners are low and middle income earners and small business owners. There are significant changes to superannuation that could warrant further discussion with Read more…

Budget 2015

Income tax changes Personal income tax There were no changes to personal marginal tax rates for resident or non-resident taxpayers in this year’s Budget. However, the following changes in relation to personal income tax were announced: Motor vehicle expense deductions – The number of methods available for calculating tax deductions related to the business use Read more…

Superannuation rule changes pass parliament

While all the talk in this last sitting week of parliament before the September election has been on the Labor leadership, there have been other things going on in Canberra.  A number of the proposed changes to superannuation have passed into legislation and we have summarised these below. Higher concessional contributions cap The concessional contributions Read more…

Budget 2013 Wrap Up

One week after Budget 2013, here is an easy to read summary of the proposed changes, courtesy of our friends at Colonial First State. If you have any queries regarding any of these changes, feel free to contact us to discuss further. Introduction Federal Treasurer Wayne Swan has handed down his sixth budget which confirms a range Read more…