May Budget 2015

Last night’s Budget contained few unexpected changes and largely focussed upon:

Small business tax concessions to encourage investment and boost employment.

Families and the new Child Care Subsidy which will leave many better off.

Pensioners and a harsher assets test which will mean a reduced or no pension for some people.

By contrast, the superannuation system remains laregly untouched although fund members with a terminal illness will be able to access their benefits at an earlier stage.

However, it should be remembered that many of the proposals start in 1-2 years time and are contingent upon being passed through the parlaiment, which may not occur in some cases.

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