May 10, 2017  | Tags: Budget

Last night the Federal Treasurer handed down the 2017 Federal Budget.

Please click here to read our in depth budget summary which outlines how these proposed budget changes may affect your financial situation.

What has changed?

The proposed changes and initiatives include:

• the Pensioner Concession Card will be returned to those people who lost it following the 1 January 2017 changes to the assets test
• those over 65 years of age are able to contribute up to $300,000 to super from the sale of the family home
• tax deductions for travel expenses relating to rental properties cease
• the Temporary Budget Repair Levy will cease from 1 July 2017
• the first Home Super Saver Scheme of up to $30,000 for first home buyers

What next?

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.