Josh Frydenberg’s first budget focuses on reducing the tax burden for the majority of working Australians, greater superannuation flexibility for retirees and a one off energy relief payment for eligible income support recipients.
- Low and middle income earners will benefit from tax savings as a result of an increase in the low and middle income tax offset.
- The instant asset write-off threshold will increase from $20,000 to $30,000 for small and medium sized businesses with aggregated turnover of less than $50 million.
- A one-off payment will assist eligible social security and DVA recipients with the cost of energy bills.
- Aged Care funding will increase.
From 1 July 2019
- The Partner Service Pension will be available to former spouses of veterans.
From 1 July 2020
- People aged 65 and 66 will be able to make voluntary super contributions without having to meet the work test.
- The age limit for spouse contributions will increase to 74.
- More flexibility will be provided when calculating exempt current pension income
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If you’d like to discuss anything in this years Federal Budget please contact Sam on (08) 8232 9498.