“Australia is Back”
Spending our way out seems to be the theme of the Treasurer’s second post-Covid Federal Budget. Measures aimed at generating jobs and stimulating spending featured heavily. Savings from the previous Budget have been re-allocated to other measures, confirming the government’s commitment.
On the superannuation front, the government has proposed changes to rules around contributions for retirees aged 67 to 74. Also reducing the eligible age for downsizer contributions to 60.
The Budget also responded to recent issues in Aged Care and gender equality.
The other side to all this spending is who is going to pay for this? The opposition will surely make this a big point in their budget reply.
We have included a summary of the main proposals and how they may affect you. You can access them at the link below:
Most changes must be legislated and passed through Parliament before they apply. If you think you may be impacted by some of the Budget’s proposed changes, you should consider seeking professional advice. If you would like to discuss how this year’s budget may affect you, schedule a meeting with us at Discovery Wealth Advisers.
Schedule a meeting with our BAULKHAM HILLS based Financial Advisor. At Discovery Wealth Advisers, we work with clients all of the Hills District, including the suburbs of Castle Hill, Baulkham Hills, Rouse Hill, Kellville, Glenhaven, North Rocks. Book a financial planning session today.
This information is issued by RI Advice Group Pty Ltd (RI Advice), ABN 23 001 774 125, which holds Australian Financial Services Licence Number 238429 and is a summary of RI Advice ‘s understanding of the proposed Federal Budget 2020/21 changes announced on 6 October 2020. RI Advice is a company within the IOOF Group of companies, consisting of IOOF Holdings Limited ABN 49 100 103 722 and its related bodies corporate. The changes are subject to the passing of legislation and, accordingly, may not become law or may change. Please note that the information is based on RI Advice’s interpretation of the proposed changes as at the date of issue of this document. Accordingly, you must not do or refrain from doing anything in reliance on this information without obtaining suitable professional advice. In addition, the information is of a general nature and may not be relevant to your/your client’s individual circumstances. Before making any investment decision you must consider the relevant PDS, available on request by calling RI Advice. This information does not consider your personal circumstances and is general advice only. You should not act on any recommendation without obtaining professional financial advice specific to your circumstances. If you wish to opt out of future communications, please contact us.