Federal Treasurer Scott Morrison handed down the 2017 Federal Budget on Tuesday the 9th of May.
In contrast to last year, this year’s federal budget was a much quieter affair for the superannuation sector with only a small number of changes being announced. This is welcomed stability for the sector as it prepares to bed down changes taking effect on 1 July 2017.
A levy on the banking sector and an increase to the Medicare levy were the key revenue measures. Whilst on the spending side the Government have proposed a ramp up in infrastructure spending, fully committing to fund the National Disability Insurance Scheme and reintroducing Medicare rebate indexation.
Challenger have prepared a budget summary outlining these key measures in detail. To read how the proposed measures may impact you please click here.
Please keep in mind that these measures are yet to become law (proposals only) and are required to pass through the passage of legislation. As such, we recommend you wait on the final outcome before making any decisions or changes to your financial circumstances.
If you would like more information or advice please contact us at the office on (08) 8122 1688.