On Tuesday 6 October, the Government announced the Federal Budget including these proposed changes and initiatives:
- New ‘Your Future, Your Super’ measures to reduce the number of super funds per member.
- A ‘YourSuper’ online comparison tool to rank fees and the performance of all MySuper funds.
- Annual performance testing to identify underperforming MySuper funds.
- Further support for social security recipients and additional home care packages for older Australians.
- JobMaker measure including a $100-$200 per week hiring credit for eligible employees/employers and reimbursement of up to 50 per cent of an apprentice’s training.
- Bringing forward income tax cuts for individuals and allowing refundable tax offsets for businesses.
Read the Federal Budget summary to find out how these proposed budget changes may affect you.
Please be aware these are only proposals and the Budget announcements still need to be passed by both the House of Representatives and the Senate before they become law.