2015/16 Federal Budget Summary

May 22, 2015 3:42 pm

Hi all,

Another Fiscal Year goes by and we have another Federal Budget to talk about. Thankfully Superannuation hasn’t been tinkered with this time around!

Here are the headline changes you need to be aware of:

  • Forecast deficit of $35.1 billion – a better than anticipated result.
  • A $5.5 billion Jobs and Small Business Package to help businesses invest, hire and grow.
  • A $4.4 billion Families Package to improve the affordability, accessibility and flexibility of the child care system while providing additional support to parents who choose to work or would like to increase work hours.
  • Improvements to the fairness of our tax and benefits systems including integrity measures to ensure large international corporations pay their share of tax.
  • Changes to the assets test for pensions to ensure they remain sustainable.
  • An additional $1.2 billion to support our military operations and strengthen our counter-terrorism capability.

Our Technical expert, Mel Bendeich, has been up all night reviewing the 2015 Federal Budget and analysing what it means for us. Please follow the link to read her take on the Budget – Matrix ClearView FY 2015-2016 Budget Summary

As always, please do not hesitate to contact us to arrange a time to discuss how you may be personally impacted by this year’s Federal Budget – We are here to help!