The theme of this year’s Budget is ‘A stronger economy and a secure future’. According to the Treasurer, the measures in this year’s Budget will not only lower personal taxes and return the Budget to surplus, they also help older Australians continue contributing to super and provide tax breaks for small-to-medium businesses.

Here are some of the announced Budget changes that could affect you. However, it’s important to remember that these are only proposals at this stage, and each proposal will only become law once it’s passed by Parliament. Additionally, if there is a change of Government at the Federal Election, these proposals may be changed or removed from the next and subsequent Budgets.

Tax changes
• Immediate tax cuts for low-to-middle income earners
• Extension to the personal income tax cuts that were announced in last year’s Budget
• Increase to the Medicare Levy low-income threshold

Superannuation adjustments
• No work test for voluntary contributions by people aged up to 66
• Bring-forward rule extended to people up to 66
• Spouse contributions extended to people aged up to 74

Social security, health and aged care
• One-off Energy Assistance Payment for social security pension recipients
• Increased access to diagnostic imaging and higher Medicare rebates
• Funding for 10,000 extra home care packages and 13,500 residential care places
• Extension of Commonwealth Home Support Programme

For more detailed information please see our website https://news.wealthwise.com.au/federal-budget-2019-what-this-could-mean-for-you/ or contact us on advisers@wealthwise.com.au or (08) 9380 6333.