We’ve had a look at what this year’s Federal Budget might mean for you
This year the government focused on insurance changes in super, fees on accounts with low balances, and redesigning Australia’s personal income tax system.
Our budget factsheet gives you a snapshot of these proposals:
- capping ‘passive’ fees and banning exit fees
- transferring small and inactive accounts to Australian Taxation Office
- increasing the Medicare levy low-income thresholds
- keeping the Medicare levy rate at 2%
- overhauling the personal income tax system
- a work test exemption for recent retirees
- income products in retirement.