What the Federal Budget means for you
Financial Planning | 30/03/2022 |
5 min read
Executive Officer, Financial Planning
The Federal Government recently shared their Federal Budget update. While there were limited updates about superannuation, there were some important updates about cost of living and family support.
We’ve summarised the updates that could be important for you and your family below.
50% super drawdowns extended for retirees
The 50% reduction to minimum superannuation drawdown requirements has been extended for retirees to 30 June 2023.
Cost of living tax offset
Eligible individuals will receive a one-off $420 cost of living tax offset.
Cost of living payment
Eligible social security recipients and concession card holders will receive a $250 tax-exempt payment for individuals and $500 for couples. This automatic payment is expected to be made in April 2022.
Expanding home guarantee scheme
For home buyers, the Federal Government will double the Home Guarantee Scheme to offer 50,000 places a year.
- 35,000 first home guarantees for first home buyers with 5% deposit or more
- 10,000 regional home guarantees
- 5,000 family home guarantees which will allow single parents to purchase a home with a deposit of 2% or more.
Paid parental leave
From 1 March 2023, eligible new parents will be able to share 20 weeks of paid parental leave after the birth or adoption of their child.
Fuel excise cut
In response to increasing fuel prices, the Government will reduce the fuel excise by half for the next 6 months. This means the excise will be cut from 44.2 cents per litre to 22.1 cents per litre.
We’re here to help
If you would like to discuss how these changes may affect you and your finances, you can make a booking with one of our financial planners or you can call us on (03) 9248 5923. Your first financial planning appointment is at no additional cost to you.
If you would like to read the full Federal Budget, you can access it here.
Speak with a financial planner
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The information contained herein is general information only and does not take into account your personal financial situation or needs. You should consider whether this information is appropriate to your personal circumstances before acting on it and, if necessary, you should also seek professional financial advice tailored to your personal circumstances. Where tax information is included, you should consider obtaining personal taxation advice.
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