Federal Budget 2018 Highlights
What the Budget means for you
If you’re retired or thinking about retirement, there are some important changes on the way.
This year’s Budget was largely positive for older Australians and pensioners. New tax rules are aimed at leaving Australians with more money in their pockets and improving flexibility for those entering retirement. Remember, these Budget announcements are only proposals at this stage and won’t become law until they pass Parliament.
The 2018 Federal Budget focused more on minor reforms to super and retirement rather than the sweeping changes we saw the past two years. Working Australians will have more in their pockets this year. However, the personal tax cuts announced are relatively modest over the near term, with more meaningful tax relief slated for 2022 to 2023.
The key changes to super and retirement mean that older Australians have more flexibility in planning for their retirement.