On Tuesday the 9th of May 2017, Treasurer the Hon. Scott Morrison MP delivered the 2017-18 Federal Budget. His 2017 budget had a number of significant announcements:
Using superannuation to help fund the deposit for first-home buyers
Increasing the Medicare Levy by 0.5% to 2.5% of taxable income on 1 July 2019
Changes to eligibility for concession cards and income support payments
Australians over the age of 65 will be able to make non-concessional contributions of up to $300,000
If you would like a more detailed summary of the changes, please download the summary by clicking here.
It is important to note that most changes must be legislated and passed through Parliament before they apply. If you think you or anyone you know may be impacted by some of the Budgets proposed changes, you should consider seeking professional advice.
Wahlstrom Financial Services Pty Ltd, ABN 43 078 015 988, is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 an Australian Financial Services Licensee number 244252. Millennium3 Financial Services Pty Ltd and Wahlstrom Financial Services Pty Ltd are not responsible for the advice given regarding lending. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. The views and opinions expressed within this letter are those of the author and do not necessarily reflect those of Millennium3 Financial Services Pty Ltd.