Federal Budget Summary 2017 – 18

The Hon Scott Morrison MP handed down his second Federal Budget on the 9th of May 2017.

Pleasingly, and unlike last year, superannuation has largely been left alone. The main changes involve allowing people aged 65 and over to downsize their home and gain exemptions from the superannuation caps, and also a ‘First Home Super Saver Scheme’. Both are pretty good ideas.

On the whole though, it is a nothing budget. Certainly, there has been no movement to tackle the growing deficit which is forecast to reach $725 billion by 2025, but in all likelihood will be pushing the $1 trillion mark. The politically expedient option of leaving the debt problem to a future generation continues.

Please note, all the announcements still need to pass through Parliament; until then they can be viewed as merely a statement of intent. In addition, the devil is always in the detail, and the details aren’t yet fully known.

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Federal Budget Summary 2016 – 17

Budget

The Hon Scott Morrison MP handed down his first Federal Budget on the 3rd of May 2016. There were modest changes to income tax rates and Centrelink rules but significant, and largely negative, changes to superannuation.

Of most concern is that a number of the superannuation changes are retrospective and hence impact existing and established retirement plans. Normally changes apply from the date of announcement, and any existing arrangements are allowed to continue under the rules which were applicable when they started.

Please note, all the announcements still need to pass through Parliament; until then they can be viewed as merely a statement of intent.  In addition, the devil is always in the detail, and the details aren’t yet fully known. (more…)

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