Tracey Spicer talks to industry experts, including Noel Whittaker, Stephen Huppert and Bina Brown as well as representatives of the FPA, SMSF Association, Super Consumers Australia and Women in Super about their take on the 2020 Federal Budget.
Set out below are all SuperGuide articles that relate to Federal Budget and superannuation.
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Learn the Australian income tax rates for 2019/20 and 2020/21, as well as details on how income tax is calculated, deductions, offsets and levies.
The Low and Middle Income Tax Offset (LMITO) helps low and middle income earners lower the amount of tax they need to pay. Because it is a tax offset, it can only be used to lower the amount of tax that you owe and not to generate a tax refund or pay your Medicare Levy.
The Personal Income Tax Plan which provides targeted tax relief over seven years for low and middle income earners and protects middle income Australians from bracket creep consists of three steps.
This year the headline announcements are the bringing forward of tax cuts already announced in the 2018 and 2019 Federal Budgets, but there are also some interesting announcements around superannuation.
This is an extraordinary giveaway budget, driven by desperate circumstances that would have been inconceivable less than a year ago. The debt and deficit numbers are predictably eye-watering – but the gamble is whether they are big enough.
Accelerated tax cuts, cash splashes for pensioners, massive incentives for business to invest and a subsidy to hire unemployed people are the centrepieces of the Morrison government’s COVID-19 budget.
The Australian federal budget, unveiled on Tuesday, bases several assumptions on Australians having access to a COVID-19 vaccine in 2021.
The budget is a statement of faith, or hope.
This year’s budget is something of a play in two acts. Act one involves large economic stimulus to help plug the hole in output generated by the coronavirus pandemic. Act two tries to set Australia up for a bounce back in economic growth and employment that involves more than just waiting for the pandemic to end.
After two decades equating budget surpluses with good economic management, it might seem convenient that the federal government has changed its fiscal strategy just before the budget to focus on jobs over keeping the deficit in check.
It’s easy to get the impression the massive government spending and deficits and debt required by the pandemic are new. Yet for almost all of the years since Federation the Commonwealth budget has been in deficit.
The Federal Government’s updated economic outlook released last night includes a much more upbeat forecast for economic growth in 2021 than its earlier economic and fiscal update released in July.
Transfer balance account reports notify the ATO of any changes to SMSF trustees’ transfer balance accounts.
On 1 July 2017, the transfer balance cap was introduced for Australians in retirement. Find out how it works and whether it impacts you.