Month: April 2019
At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.
• Low and middle income earners will benefit from tax savings as a result of an increase in the low and middle income tax offset.
• The instant asset write-off threshold will increase from $20,000 to $30,000 for small and medium sized businesses with aggregated turnover of less than $50 million.
• A one-off payment will assist eligible social security and DVA recipients with the cost of energy bills.
• Aged Care funding will increase.
From 1 July 2019
• The Partner Service Pension will be available to former spouses of veterans.
From 1 July 2020
• People aged 65 and 66 will be able to make voluntary super contributions without having to meet the work test.
• The age limit for spouse contributions will increase to 74.
• More flexibility will be provided when calculating exempt current pension income