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Federal Budget Analysis

The Federal Government handed down its Budget last night and there are some very positive changes on the way in relation to taxation, Superannuation and Age Pension.

  • Low and middle income earners will receive a lump sum tax offset on their tax returns of up to $530. The Government will also be gradually reducing the current tax brackets for those earning $87,000 to $90,000, as well as increasing the lower income tax bracket to $41,000. This means that around 94% of Australians will pay no more than 32.50% tax.  
  • The Pension Work Bonus Scheme will now include self-employed and will also allow pensioners to earn additional income without affecting their entitlements. All Australians of Age Pension age will have access to the improved Pension Loan Scheme
  • Superannuation Members over age 65 with a balance of less than $300,000 will not have to meet the work test to make contributions to super in the first year after they stop working.
  • Exit fees will be abolished on all super accounts and for super accounts under $6,000 the ongoing fees will be capped at 3%.
  • Welfare recipients will be closely monitored to ensure correct amounts are allocated, by extensive data matching with the Australian Taxation Office, hoping to save around $373 million.

These changes will not occur until the relevant legislation is passed. We will keep you informed regarding the changes which may affect you.

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