Hello,

Please find below budget summary for your information.  I have also attached a more in depth summary of both the governments and the labour parties proposals.  It should be remembered that both at this stage are just proposals and we will have to take a “watch this space” approach.”

Please find below budget summary for your information.  I have also attached a more in depth summary of both the governments and the labour parties proposals.  It should be remembered that both at this stage are just proposals and we will have to take a “watch this space” approach.”

Treasurer 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. 

Summary 

In 2018/19

  • 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.

kind regards,

PAUL HUDSON

Managing Director BSc, Adv Dip Fin Pl, CFP*

Hudson Gore Financial Services Pty Ltd

P 02 93889033 F 02 93889411 W www.hudsongore.com.au

S2401, L24 Tower 1, 520 Oxford St (P.O. Box 1899) Bondi Junction NSW 2022

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Click this link for the full analysis in PDF

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