On 8 May 2018, the Turnbull Government delivered the Federal Budget with a number of announcements impacting financial planners, including:
- A window of opportunity for recent retirees to make additional super contributions
- Increase in SMSF membership from four to six
- Personal income tax cuts
- Abandoning the proposed increase in the Medicare levy
- Work bonus increased and extended to self-employed persons
- New social security means testing of pooled lifetime income streams
The Budget announcements are proposals and need to successfully pass through Parliament before becoming law. They may be subject to change during this process.
Refer to the attached Technical Update for more details To view the Australian 2018 Budget Update click here
For the latest technical rates and thresholds, save “Tax and other facts” on your mobile, tablet or other device.
Care Koala Launched
John unfortunately came off his bike recently and broke his elbow. In addition to his income protection claim though he has become the first recipient of our Care Koala for clients that go on claim. Good news is John is all good now and looking forward to a great Christmas and also getting back on his bike.
Merry Christmas everyone and hope you also have a fabulous New Year.
Footy Tips Winners
WINNERS ARE GRINNERS!
While we (or me anyway) are hoping to be grinners after tonight's game these guys are grinners already Mitch, Rocky and One of the Best. And of course they are out Footy Tipping Competition winners this year.
Here they are collecting their prizes with a grin from ear to ear. Well done fellas!!
Our first time winner Mitch collecting his little ODV Sherrin and $800
Rocky also grabbing the ODV Sherrin and $400. This is the second time in a couple of years that he has come runner up. But he said I don't mind continuing being a bridesmaid scoring 4 hundy each time!
Couldn't quite get the big ranking smile ouf of OOTB but he was certainly chuffed at scoring the$100 and the Mini Sherrin. As his call sign said he certainly was One Of The Best.
Breaking News - Interest Rate Update
The RBA has opted to leave the official cash rate on hold at 1.5%.
At its board meeting today the Reserve Bank of Australia decided to once again leave the official cash rate unchanged for the 12th consecutive month.
The RBA avoided the temptation to follow other developed economies and increase rates, taking into account the impact this would have on the Australian dollar and therefore tourism and other exports. Other factors considered would have been sluggish consumer spending and record low wages growth which have led to lower than desired inflation and fears that housing construction is set to slow.