Intralink: 2017 Federal Budget Update

  • 12 May 2017
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Intralink: 2017 Federal Budget Update
On Tuesday evening the Federal Government handed down the 2017 Budget. While the scale of the announcements this year were nowhere near as significant as those announced in 2016, there were a range of announcements which could be impactful depending on your individual circumstances. KEY BUDGET MEASURES INCLUDE  The Government will introduce a levy for banks with licensed entity liabilities of at least $100 billion. The $100 billion threshold will be indexed to grow in line with nominal gross domestic product (GDP). Currently this will only affect the five largest banks but does not apply to superannuation funds and insurance companies.  The levy will be calculated quarterly as 0.015% of a bank’s licensed entity liabilities (for an annualised rate of 0.06%).  An opportunity for first home buyers to save for a home deposit through their superannuation  Non-concessional contributions for downsizing retirees  Increased Medicare levy from 1 July 2019  Rental property tax changes To hear more we have prepared a short video from Intralink's Head of Strategy Advice Mark Serry, who discusses some of the key measures from the budget in more depth. [embed]https://www.youtube.com/watch?v=zEvBbsVqC0Q[/embed] It is important to note that the Budget announcements are still only proposals at this stage and will depend on the proposals being legislated in due course. If you have any questions regarding the attached please contact your Adviser on (03) 9629 1100.