If you were watching the budget live, or heard the synopsis the next morning, you would be right in thinking that it seems the Government is looking at ways to give money away. A budget like this has only ever been seen once before, and that was after a world war.
The good news is that there are mainly winners out there with some fast-tracked tax cuts as well as wage subsidies for younger workers and pensioners receive some extra cash for Christmas.
Please Note: Like all Federal Budgets, these changes are proposals only and will only come into effect if they are passed into law.
Superannuation Reforms: Proposed effective date: 1 July 2021
Support for pensioners, low income earners, welfare recipients and job-seekers
Business tax changes
First home buyers
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Any advice in this Federal Budget Analysis is of a general nature only. Before acting on any advice, you should consider whether it is appropriate to your objectives, financial situation and needs. Any tax estimates provided in this publication are intended as a guide only and are based on our general understanding of taxation laws. They are not intended to be a substitute for specialised taxation advice or a complete assessment of your liabilities, obligations or claim entitlement that arise, or could arise, under taxation law. We recommend you consult with a registered tax agent.
Terrell Hyman the Director and Principal Advisor at Trl Financial Solutions.