Review: 2012 Federal Budget

Review: 2012 Federal Budget

On 8 May 2012, the Federal Government handed down its Budget for 2012/13.

It would be fair to say that everyone will be impacted in some way by the measures contained in the Budget itself, or by other recent announcements from the Government that will apply from 1 July 2012.

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Many of the measures in the Budget had been alluded to in the days leading up to the Budget itself, so there weren’t a lot of hidden surprises. However, one major surprise was the Government’s decision to defer the (re)introduction of a higher concessional contribution threshold for people aged 50 or over to 1 July 2014. Previous announcements has indicated a 1 July 2012 start date.

This deferral announcement, along with many other measures released, does highlight the need to establish and have an on-going relationship with a financial planner.

Whilst everyone is likely to be impacted by the Budget announcements in some way, some will be impacted more. With a constantly changing legislative environment as the Government seeks to deliver a Budget surplus, there can be no substitute for receiving advice from your financial planner as to how these measures affect your personal circumstances, and to have someone to guide you through the changes.

Despite largely having been announced previously, most measures will still need legislation to be introduced, so the final version of the changes may differ to the announcements made in the Budget.

This publication has been compiled by Securitor Financial Group Ltd ABN 48 009 189 495 Australian Financial Services Licence Number 240687 (Securitor) and is current as at May 2012. Past performance is not a reliable indicator of future performance. Whilst every effort has been taken to ensure that the assumptions on which the outlooks given in this publication are based are reasonable, the outlooks may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. Material contained in this publication is an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The information and any advice in this publication do not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. While the information contained in this publication is based on information obtained from sources believed to be reliable, it has not been independently verified. To the maximum extent permitted by law: (a) no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up-to-date or fit for any purpose; and (b) neither Securitor, nor any member of the Westpac group of companies, is in any way liable to you (including for negligence) in respect of any reliance upon such information or advice. It is important that your personal circumstances are taken into account before making any financial decision and we recommend you seek detailed and specific advice from a suitably qualified adviser before acting on any information or advice in this publication. As the rules associated with the super and pension regimes are complex and subject to change and as the opportunities and effects differ based on your personal circumstances, you should seek personalised advice from a financial adviser before making any financial decision in relation to super, pensions or other matters discussed in this publication. Any taxation position described in this publication is general and should only be used as a guide. You should consult a registered tax agent for specific tax advice on your circumstances.