Feature Articles

2011 Federal Budget

The Government announced a strong budget position with the expectation that the budget will return to surplus in 2012/13.  This represents an enviable position relative to other major developed economies and comes despite the impact of the recent natural disasters.  

The Australian economy and employment are anticipated to grow strongly over the next two years albeit the two-speed economy will result in some inequity among sectors and regions.  

The key measures announced in the Federal Budget relate to initiatives to address the future workforce including measures to boost participation, investment in infrastructure, funding of hospitals and health care including greater support for mental health and disability and targeting families and low income earners, our regions and strengthening certain school programs.  

The key measures announced affecting financial services include some limited relief for investors who breach the superannuation concessional caps, Social Security changes relating to the work bonus and family payments as well as changes to the Fringe benefits rate affecting car leases which is a commonly used salary packaging strategy.

 

Click here to read our summary of the main Budget announcements that will impact on financial planning strategies.
 

Latest News

The items below provide a quick update on some of the latest news. Click on the item heading to read the full story.

Tax, super and Centrelink changes announced in the MYFEO
29/11/2011
Changes across tax, super and Centrelink were announced today as part of the Government’s Mid-Year Economic and Fiscal Outlook (MYEFO). With a need... learn more

The super co-contribution takes another hit
29/11/2011
Further budget tightening announced by the Government today in the Mid-Year Economic and Fiscal Outlook strikes another blow to reduce the... learn more

How much income in Retirement?
17/11/2011
The latest ASFA Retirement Standard figures show that for a comfortable retirement a couple may need income of around $55,316 a year and for a... learn more

Carbon Tax – compensation and finances
15/11/2011
The Government announced details of the Carbon Tax package on 10 July and introduced a number of Bills into Parliament on 13 September 2011 in... learn more

Options for Complying Pensions within an SMSF
14/10/2011
When setting up income streams for clients today you can generally ignore the concept of “complying pensions” as this relates to concessions... learn more

Second tranche of FoFA reforms addresses conflicted remuneration
13/10/2011
Assistant Treasurer Bill Shorten announced the first tranche of the draft bill for the FoFA reforms covering opt-in, the best interest duty and the... learn more

The move to aged care
03/09/2011
Aged care is one of the biggest social issues we need to consider in Australia today. This is due to the difficulties residential care facilities... learn more

Disclaimer

The information contained in this publication is based on the understanding Strategy Steps Pty Ltd ABN 14130045242 AFSL 333649 has of the relevant Australian legislation as at the date shown in this publication. The information contained in this publication is of a general nature only and is intended for use by financial advisers and other licensed professionals only. It must not be handed to clients for their keeping nor can any copies of sections of this publication be given to clients. Strategy Steps is not a registered tax agent under the Tax Agent Services Act 2009. We recommend that your client be referred to their registered tax agent or legal adviser prior to implementing any recommendations that you may make based on the information contained in this publication.