May 05, 2016  | Tags: Budget

Last night the Federal Treasurer handed down the 2016/17 Federal Budget.

The announcement covered a range of proposed changes and new initiatives particularly to superannuation that affect:

• concessional contribution caps
• the tax-effectiveness of transition to retirement strategies
• the work test
• the amount that can be transferred to a pension account.

Please read the “budget update” that outlines how these proposed budget changes may affect your financial situation. Please be aware these are only proposals and the Budget announcements still need to be passed by both the House of Representatives and the Senate before they become law.

As always if you have any questions, do not hesitate to contact us.