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There were no changes to personal marginal tax rates for resident or non-resident taxpayers in this year’s budget. However, the following changes in relation to personal income tax were announced:
Motor vehicle expense deductions
Fringe Benefits Tax (FBT)
Higher Education Loan Program (HELP)
Employee Share Schemes
CORPORATE TAX CHANGES
Tax cuts and tax discounts for small businesses
Immediate deductibility for professional expenses of small businesses
Expanding accelerated depreciation for small businesses
SUPERANNUATION CHANGES
Release of superannuation benefits for terminal medical condition
Cutting red tape – lost and unclaimed superannuation
SOCIAL SECURITY AND FAMILY ASSISTANCE CHANGES
Parental Leave Pay
Child care
Age Pension
Income test treatment of defined benefit pensions
Means testing arrangements
Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.