2016 Budget Wrap Up – What you need to know

2016 Budget Wrap Up Banner

Last night the Treasurer handed down the 2016 Federal Budget. 

Please read below some of the changes that may affect you:

  • Superannuation tax concessions have been heavily tightened, with existing limits reduced and new caps introduced
  • The tax exemption for earnings on assets supporting ‘transition to retirement’ income streams will be removed, and the anti-detriment payment will be abolished.
  • There will be new measures to help low-income earners and those with low superannuation balances
  • Individuals will be able to claim a deduction for personal contributions to superannuation, regardless of their employment status
  • The personal tax threshold will be raised to $87,000
  • There are significant changes for small and medium businesses, with the thresholds to access certain concessions raised substantially. The Government also announced that all businesses will eventually face a reduced company tax rate, with the rate gliding down to 25% over ten years.

*See full 2016 Budget Wrap up here