May 10, 2023

The 2023 Federal Budget focuses on providing cost of living relieff through lower power bills, higher welfare payments and more support for small business and housing.

Note: These changes are proposals only and may or may not be made law.

 

 

What has changed?

Some of the proposed changes and initiatives include:

• Cost of living - A focus on energy bill relief, and household energy upgrades
• Superannuation - Better targeted superannuation concessions, and increasing the payment frequency of employer super payments
• Social Security - Increase to working age payments, increasing rent assistance and increase to Home Care packages
• Personal Taxation - No changes to personal income tax, increasing the Medicare levy low-income thresholds
• Housing - Changes to eligibility for home buyer guarantee schemes

 

Further Insights

For information on how the proposed Government changes could affect your financial position and the opportunities that may be available, please view the highlights of the budget or watch this brief video.

 

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.

 

Important information and disclaimer

Sources: www.budget.gov.au

This communication has been prepared by Actuate Alliance Services Pty (ABN 40 083 233 925, AFSL 240959) (Actuate), a related entity of Insignia Financial Ltd ABN 49 100 103 722.

The information in this communication is factual in nature. It reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue, and may be subject to change. In some cases, the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Examples are illustrative only and are subject to the assumptions and qualifications disclosed. Past performance is not a reliable indicator of future performance, and it should not be relied on for any investment recommendation. To the extent that the information in the communication contains general advice, it has been prepared without considering any person’s individual objectives, financial situation or needs. You should consider the appropriateness of the general advice in light of your own objectives, financial situation or needs.

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