Federal Budget 2023: what it means for you
On the evening of 9 May 2023, the Federal Government delivered its second Budget in the current parliamentary term.
Inflationary pressures, interest rates, and escalating cost of living have all had a significant impact on everyday Australians. This year’s Budget has a strong emphasis on providing cost of living relief, strengthening Medicare, and investing in a stronger and more secure economy.
There were very few surprises and most of the significant announcements had been made prior to the Budget being released. For super, the announcements were focused on aligning Employer Superannuation Guarantee payments with pay cycles and the introduction of the previously announced tax on earnings attributable to balances in excess of $3 million.
There were no announcements extending the halving of pension minimums for another year or freezing the Transfer Balance Cap at its current level. There was also no announcement to change legislated ‘stage 3’ tax cuts, although a number of tax strategies were proposed to support small businesses and increase the number of dwellings available on the rental market.
Please download a Federal Budget summary outlining the key measures announced in the 2023 Federal Budget. Please note these are only proposals, and the Budget announcements still need to be passed by both the House of Representatives and the Senate before they become law.
Should you wish to discuss the announcements and the possible implications in relation to your financial planning strategy, please free to contact our office at 03 9695 5600 or email finplanning@required.com.au.
Kind regards,
Anthony D’ Alessandro
Director