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June 27, 2019 by GPL Admin

2019 Federal Budget

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.

Summary
In 2018/19
 Low and middle income earners will benefit from tax savings as a result of an increase in the low and middle income
tax offset.
 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.

For more information click here.

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87-95 Pitt Street Australia Square
Sydney 2000

P: (02) 9241 3214
F: (02) 9241 3147
E: enquire@pgdfs.com

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PGD Financial Services PGD Financial Services (ABN 64 095 596 339) are authorised Representatives of Godfrey Pembroke Group Pty Ltd (Godfrey Pembroke), ABN 38 078 629 973, Australian Financial Services Licensee 245451, a member of the IOOF group of companies.