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Overnight, the Federal Government handed down its annual budget. In describing his second Federal Budget the Federal Treasurer, Joe Hockey said ‘This Budget is measured, fair and responsible’ and is designed to promote ‘jobs, growth and opportunity’. The Federal Budget speech delivered an upbeat outlook for Australia’s economic future and confirmed a number of measures
Read More...Widow Allowance From 1 July 2015, the Government will exclude new claimants of Widow Allowance from the One-Week Ordinary Waiting Period (OWP). This proposal amends the 2014-15 Budget measure to apply an OWP to all working age payments, which included Widow Allowance, from 1 January 2015. Cessation of the Large Family Supplement From 1 July
Read More...Increase to Medicare levy low-income thresholds The Government will increase the Medicare levy low-income threshold for families from the 2014-15 financial year. The threshold for couples with no children will be increased to $35,261 per annum and the additional amount of threshold for each dependent child or student will be increased to $3,238 per annum.
Read More...Rental income exemption removed The rental income exemption under the aged care means test, for aged care residents who are renting out their former home and paying their aged care accommodation costs by periodic payment, will no longer apply. This applies to new residents entering aged care from 1 January 2016. Comment: It is a
Read More...Tax cuts for small business From the 2015-16 financial year, the Government will reduce the company tax rate to 28.5% for companies with aggregated annual turnover less than $2 million. Companies with an aggregated annual turnover of $2 million or above will continue to be subject to the current 30% rate on all their taxable
Read More...Superannuation Early access for people with terminal Illness The Government will increase the life expectancy period for patients with a terminal illness to 24 months from 1 July 2015, providing earlier access to superannuation benefits. Access will be granted where patients obtain certification from two medical practitioners (one being a relevant specialist) that they have
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