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Good Morning Reader, On the 11th of May 2010 the Government announced a Federal Budget that plans to see the
Australian economy reach a $1 billion surplus by 2013.
With no big surprises
announced, the budget aims to convert successes achieved through economic
stimulation during the global downturn into a stable economy.
In an economy
focused election year, the fiscal based budget has been broadly welcomed by the
financial services industry particularly in the areas of tax savings.
We provide a summary below exclusively in the areas of Tax and Superannuation.
Mark La Bozzetta - Eden Wealth Management
With the response to the Henry review only nine days old we expected very
little in the Budget on the tax front… how wrong we were!
The Government held back some Henry recommendations for announcement in the
Budget and has also slipped in a few other changes.
We provide a summary of the tax-related announcements.
Changing demographics in Australia will see the ratio of working Australians
to retirees fall from 5:1 today to around 2.7:1 in 2050. This presents some very
real challenges to the Government to encourage Australians to make provisionfor their own income needs in retirement.
The 2010 Budget has addressed a number of issues associated with
superannuation, the Government’s preferred retirement savings vehicle.
Whilst the measures announced in the Budget are still subject to the successful passage of legislation, they do
highlight current Government thinking. We provide a summary of the super-related announcements.
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