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Federal Budget 2017

May 11, 2017 by Anthony Joseph Brosnan

First home savers, downsizers and small business are winners in Treasurer Scott Morrison’s second Budget – while taxpayers face an increase in the Medicare levy.

2017 Federal Budget Summary

Key measures include:

  • Individuals aged 65 or older will be able to make non-concessional (after-tax) super contributions of up to $300,000 from 1 July 2018, using proceeds from the sale of the family home.
  • First home buyers will be able to save for a deposit from 1 July 2017 by making voluntary concessional and non-concessional super contributions.
  • The Medicare levy will increase from 2% to 2.5% pa from 1 July 2019 to fully fund the National Disability Insurance Scheme.
  • The ability for small businesses with an annual turnover of $10 million or less to claim an immediate deduction for eligible assets costing less than $20,000 each will be extended for 12 months to 30 June 2018.
  • Individuals who lost entitlement to the Pensioner Concession Card as a result of the 1 January 2017 assets test changes will be reissued with the card.
  • Eligible pensioners will be entitled to a one-off Energy Assistance Payment of $75 for singles and $125 per couple from 20 June 2017.
  • Family Tax Benefit – Part A and B payment rates will not be indexed for two years.
  • The maximum Liquid Assets Waiting Period will increase from 13 to 26 weeks

Note: The measures outlined in this Federal Budget Summary are proposals only and may or may not be made law.

Concise Information

Read and view Godfrey Pembroke’s analysis below and find out what the 2017 Federal Budget means for you:

Download the 2017 Federal Budget analysis (pdf) here

View the 2017 Federal Budget Analysis video with Gemma Dale, Director of Investor Behaviour, MLC below.

https://youtu.be/21zk39_KxFc

If you have questions regarding this year’s Federal Budget please contact us here.

Detailed Information

Overview

Download the Federal Government 2017 Budget Overview Documents using the links below.

  • Budget Overview – The Government’s plan to create jobs, help businesses expand, support people, and build infrastructure for future growth.
  • Guaranteeing the essentials – Protecting and boosting the essential services Australians rely on.
  • Living within our means – The Government’s plan to take further action to return the Budget to balance in 2020-21.

Budget 2017: Housing Affordability Fact Sheets

The 2017 Federal Budget has proposed a considerable number of significant changes, to housing affordability legislation likely to impact many Australians. To answer any questions that may arise, Treasury have published a series of Fact Sheets that attempt to concisely explain the measures and add some further detail to the budget night announcements. We have included the most relevant fact sheets here for your convenience.

Please see the links below to access these Fact Sheets:

1.1. A Comprehensive Plan to Address Housing Affordability
1.4. First Home Super Saver Scheme
1.5. Reducing barriers to downsizing
1.10. Boosting affordable housing for Australians through investment tax incentives

Note: Other Budget Fact Sheets are available. We have selected those above as most likely to have relevance.

Housing Affordability Estimator: First Home Super Saver Scheme

This estimator indicates the potential benefit of the Government’s First Home Super Saver Scheme. The estimator compares outcomes of saving for a first home using annual pre tax contributions to superannuation (of up to $30,000 and no more than $15,000 in any single year) relative to saving the same amount (less tax at personal tax rates) in a standard deposit account.

Click here to access the First Home Super Saver Scheme Estimator.

In-depth – Strategy & Outlook

Download the Federal Govt 2017 Budget Strategy & Outlook papers from the links below:

  • Budget Paper No. 1: Budget Strategy and Outlook 2017-18
  • Budget Paper No. 2: Budget Measures 2017-18

Note: Other Budget Strategy & Outlook papers are available. We have selected those above as most likely to have relevance.

In-depth – Further Information

Click here to access further in-depth content at the Government’s Budget website.

Filed Under: News Tagged With: Federal Budget

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