Mar 30, 2022  | Tags: federal budget, wealth

Last night the Federal Treasurer Josh Frydenberg handed down the 2022/23 Federal Budget. 

You can view the highlights of the budget or watch this brief video.

What has changed?

Some of the proposed changes and initiatives include:

• Cost of living tax offset - The Low and Middle Income Tax Offset will increase.
• Halving fuel excise - The excise on fuel and pteroleum-based products will be halved for a period of six months..
• Affordable housing mesaures - The First Home Loan Deposit Scheme and Family Home Guarantee will allow eligible individuals to purchase a home with as little as 2% deposit.
• Continuation of the reduced minimum pension drawdown - The budget proposes to extend the minimum amount that needs to be drawn down from account-based income streams.

Further Insights

For information on how the proposed Government changes could affect your financial position and the opportunities that may be available, please click here.

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.

 

*This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial adviser and seek tax advice from a registered tax agent. Information is current at the date of issue and may change.