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…