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The 2016 Federal Government Budget address has been delivered in Canberra overnight. Whilst there are a range of discussion points stemming from this address, this summary is focussed on the major changes to individual and family personal finances grouped into three main areas – tax planning, retirement planning and government benefit planning.
Overall the budget has provided a number of changes in terms of personal finance outcomes that need to be carefully considered.
The major area of change is in relation to superannuation with these changes adding some extra complexity to the system. That said, investing through superannuation to provide for retirement remains a very effective strategy with:
- Compulsory employer contributions
- Tax advantaged contributions and earnings through the accumulation stage
- Tax free superannuation withdrawals after the age of 60
- Minimal rules for withdrawing superannuation once in retirement
If you would like to discuss any of the details contained in the budget and how those details impact your personal situation, please do not hesitate to be in contact.
This document has been prepared as a brief summary of the 2016 Federal Budget as it impacts on personal finances. It is a publication of A Clear Direction Financial Planning. It contains general financial information. Readers should check this information with a professional financial adviser before acting on any of the material contained in this document.