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
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