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A Client Guide to the May 2008 Federal Budget

The 2008 Federal Budget contained no major surprises, with many of the measures re-iterating previous announcements (including personal tax cuts). While there were no substantial changes to superannuation, there were still some items of particular interest from a financial planning perspective.

Examples include:

» A broader definition of ‘income’ for Government support programs, including co contributions.
» A change to the eligibility thresholds for certain benefits, such as Family Tax Benefit – Part B and the Baby Bonus.
» Further clarity regarding the First Home Saver Accounts
» Changes to interest deductions on protected equity borrowings.

Our partners within MLC Financial Planning’s Technical and Research team have produced a client document which will be of interest to most people. To access the document – May 2008 Federal Budget . Obviously its early days yet and there may be further interpretations and clarifications of the information that has been released.

Please contact us to work through any implications for your own financial plans. 

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Disclosure / Disclaimer: Dan Smith and Plan 2 Prosper are authorised representatives of GWM Adviser Services Ltd ABN 96 002 071 749 trading as MLC financial Planning, Australian Financial Services Licensee (AFSL:230692). The articles being accessed may contain general information and general securities advice. Before making any investment decision on the basis of the articles, you should consider, with or without advice, the contents of the articles in light of your particular investment needs, objectives and financial circumstances.
This entry was posted on Thursday, May 15th, 2008 at 8:59 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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