It’s no news that the 2015 Federal Budget was delivered yesterday – Compared to prior years, the 2015 Federal Budget was comparatively light on in its content.
Many of the announcements made on 12 May 2015 had been announced in some detail in the lead up to the Budget, and there really weren’t any hidden surprises. The Government has again promised that “there will be no new taxes on superannuation under this Government, and certainly there were no changes announced on Budget night. This should provide you with a level of comfort that the superannuation system will have a degree of stability for the next couple of years. In fact, the only superannuation announcement of note was a positive move to allow those suffering a terminal illness to access their superannuation savings earlier.
In many previous Budgets, it has been possible to group the announcements into three broad categories – taxation, superannuation and social security. This year’s Budget however provided a change, with the key categories of change being for small businesses, families and pensioners. For small businesses, there were a number of tax concessions
To give you more insight into the announced measures and when they might take effect, we have created a Federal Budget Overview.
If you would like to find out more about how this might relate to your personal circumstances, please do not hesitate to contact us via email at email@example.com or by calling us on 1300 761 669.