2017/18 Federal Budget and Superannuation Changes that apply from 1 July 2017
The DJ Carmichael Wealth Management Team has prepared the following summary of the most
important forthcoming changes that could impact you:
- From the 2017/18 Federal Budget announcement; and
- The changes to Superannuation system to be applied from 1 July 2017.
The Federal Budget announced changes relating to superannuation, tax and income support that may affect, or be of interest to, you and your family.
The legislation for the Budget changes needs to be passed into law to come into effect. We will have to await the Impact of the political process to see if there are any amendments to the measures announced. However, we would like to make you aware of the measures and their potential impacts, both positive and negative, so that you can start thinking about whether the changes are likely to impact your personal finances.
Measures in this year’s Federal Budget can be categorised as either:
- Tax or Levy increases or changes;
- Superannuation Changes, either new legislation or changes;
- Incentives for affordable housing; and
- Social Security and family initiatives.
Please note there are other Budget initiatives that were announced that we have not listed in the table below. We are focusing on the main “financial” announcements from the Budget.