The Federal Treasurer, the Hon. Josh Frydenberg MP, delivered the 2019 Federal Budget on 2 April 2019. As widely predicted, the announcement included a range of tax cuts for both individuals and businesses. The Treasurer also announced positive changes to superannuation and an affirmation of previously announced aged care measures. This summary highlights key issues of most interest to you.
The government also announced funding increases financial services regulators ASIC and APRA because of the Hayne Royal Commission findings. These measures provide additional funding for designing an industry funded compensation scheme and increasing the resources of the regulatory authorities to implement the recommendations of the Royal Commission.
Interestingly the ALP immediately announced they would match these proposals, so it seems that regardless of the election outcome they will most likely be introduced.
There is certainly a grab-bag of pre-election incentives being offered by both political parties.
Some financial planning opportunities emerge from the budget announcements particularly around superannuation contribution changes which will provide opportunities for some superannuants. The changes to the work-test, spouse contributions and “bring forward” NCC rules for those turning 65 -66 over the next two financial years.
Whilst we absolutely support and applaud government support of the Hayne outcomes, we fear that firms like ours who act with integrity and have no claims history against them will be forced to contribute to the wrong-doings of those who would choose to break the rules. One can only hope that an element of fairness will apply.
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 firstname.lastname@example.org or visit www.hewison.com.au
Please 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.