On Tuesday 9th May 2017 the Treasurer, Scott Morrison, released the Government’s 2017 Budget.
This video and newsletter outlines the proposals contained in last night’s budget. We ask that you read through the proposed changes as they may directly impact your situation.
The key take outs of the 2017 Budget were as follows:
– An opportunity for first home buyers to save for a home deposit through superannuation.
– The opportunity for retirees to make a non-concessional contribution to superannuation should they downsize their house.
– Reinstatement of Pensioner Concessional Cards for those who lost their Age Pension entitlement earlier this year.
– Increased Medicare Levy from 1st July 2019.
– Rental property tax changes.
Click here to read the full breakdown on the above and other changes as announced.
These changes may be significant to your situation and may warrant further discussion. Feel free to contact our office to discuss any of the proposals in further detail.
JBS View & Planning Opportunities
The one guarantee in our profession is change and once again this reiterates the importance of obtaining ongoing advice and continuing to review your situation to ensure that you are structured appropriately to ensure that you are positioned well for the future. Here are some things to consider:
– If you are looking to purchase your first home, the new proposals may be advantageous to you.
– If you are over age 65 and considering downsizing, there may be a benefit in waiting until July 2018 before you sell your principal place of residence.
– Consider making extra superannuation contributions before 1st July 2017 (this applied prior to the 2017 Budget and still applies now).
As always, prior to making any significant financial changes, please give Jenny, Warren or Glenn a call, or even if you just want to discuss how the budget might affect you personally.
Please Note: The measures outlined in the Federal Budget are proposals only and may or may not be made law and will depend on the outcome of the upcoming election.