So… have you been wondering how the latest Federal Budget may affect Australian families?

Each year, the Federal Government hands down their annual budget.  Basically, it’s a spending plan for the country.  For many it passes without a blip.  Yet, some others are up all night dissecting the information to see how different parts of the Australian population will benefit.  Or even possibly be disadvantaged.  Who are the winners?  And who misses out?

Here’s the highlights reel of exactly what you need to know!  These points are the winning points for families out of the 2019 Federal Budget:

• The Federal Budget is to return to surplus in 2019/2020
• There is a 7 year plan to eliminate the 37% tax bracket
• A major crack down on tax cheats is set to begin
• The Medicare Levy will remain the same at 2%
• Superannuation exit fees will be banned for all members
• The Child care combined income threshold will increase to $187k
• 14,000 Aged Care Home Care places will become available over the next four years
• Schools are set to receive an extra $24.5bn over 10 years to improve education
• Infrastructure spending is to increase including $1billion to improve traffic flow
• Energy costs will reduce by $400 per year for each family from 2020 – that’s a great bonus!
• National security spending will be increased with a $293.6m investment

Piqued your interest?  Well, If you want to know more?… click here!

So, to see how the budget may affect families, and in particular, your family, give your Gold Coast financial planning team a call on 07 5593 0855.