Federal Budget

The 2018-19 Federal Budget, handed down tonight by the Treasurer, has focused more on minor adjustments than sweeping reforms.

There are still many important measures which will support financial planners to assist and improve their clients’ financial positions.

FPA Policy Manager Dimitri Diamantes CFP^® took part in a special stakeholder “Budget Lock-Up” and tonight we bring you our insights on some of the proposed measures, including:

• Tax reductions for low and middle income earners
• Making the tax system easier over the coming years by reducing tax brackets
• Reduction in fees and a ban on exit fees on all super funds.
• Opt-in insurance for young and low super balance Australians
• Increasing SMSF members from 4 to 6
• Super trustees will need to build new retirement income options for their members
• Expanding the pension loan scheme to all older Australians.
• Additional funding for regulators

More information on these and all of the other main talking points can be found in the FPA 2018 Budget Wrap.