It is likely you have received or read many different versions of Budgetary summaries published today, so here is our spin. The initiatives handed down are very likely to affect everyone, so be sure ask about its impact on your financial year-end planning and future financial years. We're taking proper time and consideration working through each announcement, so call us if you'd like to discuss any of these sooner rather than later.
The Federal Budget handed down yesterday evening 13 May seemed to re-emphasise Treasurer Joe Hockey's narrative pursued in the lead-up to budget night - that tough decisions would have to be made, and that due to the state of the economy we would all be expected to do some of the "heavy lifting".
The major tax announcement was the introduction of a debt reduction tax on incomes over $180,000, although given the forecast contribution to reduce the nation's debt it was surprising that the government was willing to risk an unfavourable electoral response. Many of the announcements also backed up the government's claim that the "age of entitlement" is over.
Read the full newsletter...
There are many other budget initiatives that will have relevance to a wide variety of our clients, depending on your circumstances. As always, please feel free to talk with us for further details and information on 02 9686 3130.
Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.