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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BRIC: Australia’s future fortunes?

There is a flurry of daily news about the drop in share values, but behind the headlines perhaps we are seeing a significant shift taking place. If powerful new economies are emerging and traditional economies are slowing, how will Australia fare?

Avant’s October newsletter looks at emerging economies which are outpacing the traditional but slow-growing economic powerhouses of the US and Europe.

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