Here’s a roundup of some of the key proposals put forward in last night’s Federal Budget. We take a look at how they might affect your financial goals — whether you’re starting out in your working life, building a career, having a family, or moving toward or living in retirement. Remember, at this stage these […]
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 […]
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 […]
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 of a motor […]
Australians are likely to live longer and could spend more than 30 years financially dependent on super, investments and the age pension. In 2010-11, the average retirement age was 53.3 years, 57.9 for men and 49.6 for women, according to the Australian Bureau of Statistics. Today’s 65-year-old man has a life expectancy of 84 and a woman 87, according to official data. Taking into account medical […]
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 […]
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 […]
Finally, we have an announcement from the Government after weeks of speculation concerning changes to super. We have read the press release and a few early reports and thought this was a good summary. 15% Tax on Earnings over $100,000 The government have announced a restriction on the tax concessions available in pension phase. From […]