Gone is the mantra of debt and deficit. Instead, the Treasurer has balanced the government’s resolve to live within its means with promises to tackle the cost of living and provide the services people need to get ahead.
The Government will help first home buyers build a deposit by using salary sacrifice into Super. This is great news for younger people as this will hopefully encourage them to engage with their superannuation early and increase housing affordability.
Over 65’s will be able to downsize their home and put up to $300,000 of the proceeds into superannuation as an after-tax contribution.
It is important to remember that the announcements in the budget are proposals only and may never pass into law.
If you would like to discuss these changes, or superannuation, insurances or obtain wealth advice, please contact us on 1300 557 782 or email us at email@example.com and a member of our team will assist you.