Federal Treasurer, Scott Morrison handed down the 2017/18 Budget last night

In summary, from a Financial Planning perspective, the following key announcements were made:

  • A person over age 65 will be able to make a contribution to Superannuation of up to $300,000 from the sale of their home owned for 10 years or more. This contribution applies to both members of a couple on the sale of the family home, so $600,000 per couple in total. The payment will be exempt from a work test and Superannuation balance cap;
  • First Home buyers will be able to withdraw voluntary contributions to Superannuation of up to $30,000 for a first home deposit;
  • Medicare levy will increase by .5% for those with income over $21,655 as a single or $36,541 for couples plus additional threshold of $3,356 per dependent child. For those of Pension Age the threshold limit is income of $47,670;
  • Extension of the $20,000 asset write down for small business with turnover of less than $10 million;
  • Energy assistance payment of $75 for a single or $125 per couple for those who qualify for Age Pension or Disability Support Pension at 20 June 2017;
  • The Pensioner Concession Card will be reinstated for those who lost the entitlement as a result of the changes to Assets test introduced on 1 January 2017. Reinstating the Pensioner Concession card will enable Pensioners to access Commonwealth-subsidised hearing services

WATCH FULL VIDEO HERE

To read a full copy of Oliver’s Insights relating to the Budget – CLICK HERE

If you wish to speak with your WealthPartners financial adviser call us on (02) 9955 1988 or email us on mail@wealthpartners.net.au