Budget Update

May 12, 2016

 As with all budgets, half the Pollies think it’s great and the Opposition can’t find a nice thing to say……….politics!

 

Anyway what has become fairly obvious is that the rhetoric about getting the budget back into a surplus by a defined time frame seems to have been replaced by a new term called “as soon as possible”. Basically meaning they have no idea.

 

The reason they appear to have less idea than normal is that they are finding it very hard to reduce overall spending on the one hand (due to things like the ageing population and increased spending on defence), while at the same time suffering from less revenue due to a flat economy with no silver lining on the horizon.

 

Nevertheless as with all budgets there are some tasty morsels (reduced tax for business & those earning over $80,000 and an increased ability to get funds into super for those over 65), while at the same time a sting in the tail (reduced limits for regular concessional superannuation contributions and a lifetime cap on after tax contributions).

 

If you want the full wrap up without all the jargon then come to our Port Macquarie seminar on

Wednesday 25th May at 11.45am………….click here for our invitation.

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