Australian Federal Budget 2009 The Federal Government is seeking a significant reduction/removal of concessions for middle to upper income earners. For example, salary sacrifice and personal deductible superannuation contributions will be cut by half to $25,000 for those aged under 50 and to $50,000 for those age 50 or older from 1 July 2009, hobby farm tax deductions for taxpayers with an adjusted taxable income of over $250,000 will have excess deductions quarantined to the business activity and the 30% private health insurance rebate will be phased out as income gets higher. The Federal Government expects to increase the Age Pension in September and to increase the Age Pension age to 67, the First Home Owners boost will be extended at current levels to the 30th September 2009 and from 2011 we will see the introduction of paid parental leave. For a detailed summary please refer to the attached 2009 Federal Budget Review. Enjoy. At Newealth we are always looking to innovate and improve our ongoing advice and services wherever possible and if you have any ideas or comments, please feel free to email me at invest@newealth.com.au or to call me on +61 2 9267 2322.
13th-May-2009 | 
