Treasurer Josh Frydenberg’s first Budget focuses on reducing the tax burden for the majority of working Australians, greater superannuation flexibility for retirees and a one-off energy relief payment for eligibleincome support recipients.
Low and middle income earners will benefit from tax savings as a result of an increase in the low and middle income
The instant asset write-off threshold will increase from $20,000 to $30,000 for small and medium sized businesses
with aggregated turnover of less than $50 million.
A one-off payment will assist eligible social security and DVA recipients with the cost of energy bills.
Aged Care funding will increase.
From 1 July 2019
The Partner Service Pension will be available to former spouses of veterans.
From 1 July 2020
People aged 65 and 66 will be able to make voluntary super contributions without having to meet the work test.
The age limit for spouse contributions will increase to 74.
More flexibility will be provided when calculating exempt current pension income.
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