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The 2017 Federal Government Budget address has been delivered in Canberra overnight. 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.
- Increasing the Medicare levy from 2 to 2.5 % from 1 July 2019.
- Tightening of tax deductions on residential investment properties.
- Introduction of the First Home Superannuation Saver Scheme.
- Higher Education Loan Program (HELP) repayment thresholds to be reduced from 1 July 2018.
- Business tax incentives
- Confirmation of reduction in company tax rates to 25% over ten years.
- Extension of the $20,000 instant asset write-off for small business to 30 June 2018.
- Contributing the Proceeds from Home Downsizing into Superannuation.
Government Benefit Planning
- Reinstatement of the Pensioner Concession Card.
Overall the budget has provided fewer changes in terms of personal finance outcomes this year compared to previous years but has raised a number of considerations.
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 2017 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.