Relaxing super rules for some over 65s and helping ease some cost of living pressures are just some of the key focuses of the Government’s 2019-20 Budget, released by Treasurer Josh Frydenberg on Tuesday 2 April 2019.
This year’s Budget was particularly interesting in that it sets out the Government’s agenda as it heads to an imminent election.
There’s plenty in the Budget for anyone who’s retired (or planning retirement) to consider. We’ve put together this report to make sure you don’t miss any of the essential information.
It’s worth noting that these proposed measures aren’t law yet – and could change.
- From 1 July 2020, if you’re aged 65 or 66 then:
- You’ll be able to make voluntary super contributions without meeting the work test; and
- You can make three years’ worth of non-concessional contributions (currently capped at $100,000 a year) in just one year.
- From 1 July 2020 there will be an increase to the age limit for spouse contributions from 69 to 74.
- There will be increases to the Low and Middle Income Tax Offset for this, and the next three financial years.
- From 1 July 2024, there will be a reduction in the 32.5% marginal tax rate to 30%.
- A record $21.6bn has been allocated towards providing higher quality aged care.
- For 3.9 million Australians, a one-off, income tax exempt payment of $75 (for singles) or $125 (for couples) to help with the next power bill.