We are pleased to see the opportunity for people over age 65 to be able to downsize their primary residence and contribute up to $300,000 from proceeds into superannuation.
Pensioners who lost their Concession Card under the recent Assets Test change will also have their benefits restored.
An increase in the Medicare Levy to 2.5% from 1 July 2019 will impact many clients, however we believe it is a sound measure to contain the budget deficit and assist in funding the National Disability Insurance Scheme.
Overall there have been minimal changes to superannuation which was largely anticipated given the sweeping changes after last year’s budget.
Download NAB’s 2017 Federal Budget Summary here.
As always, please feel free to contact us if you have any queries or would like to discuss the changes further.
The Team at Lighthouse Capital