This is the 2018 Federal Budget and End of Financial Year Strategies Webinar with Dominique Bergel-Grant.
The 2018 Federal Budget I am happy to say, with a sigh of relief, is one with no significant changes to superannuation. Although there will be certain opportunities for a few clients, for the majority the status quo remains. Helping to at least for now provide a sense of peace of mind around the superannuation system.
This however may be the last Liberal National Collation Budget before the next Federal Election.
For most Australians the immediate significance of the announcements will be minimal at best. However, as the seven years of taxation cuts are rolled out nearly every client will see themselves with more cash in their bank account each and every month.
The key is on what we all as individuals chose to do with this additional cash. The government is no doubt hoping it gets spent to drive economic growth and inflation. Which would result the Reserve Bank having greater flexibility to move towards higher interest rates.
However, if we look at the personal focus the greatest benefit comes from using this extra cash to reduce debts and save towards future investments. This is how as individuals we can get the greatest return on this new-found cash we will be receiving over the next seven years.
As always, the announcements in the Federal Budget are yet to be legislated, although the opposition has stated it will support at least the first round of personal taxation cuts.
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