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Federal Budget 2019

As your dedicated industry super fund, Hostplus has been working hard to unpack the proposed changes to help you understand how they may impact you.

As this is a pre-election budget there has been less emphasis on changes to superannuation and a greater focus on taxation and government spending than recent years. It is also important to note that all proposed changes are reliant on the re-election of the current government and the successful passing of the budget through the House of Representatives and the Senate. 

With this in mind we’ve outlined several areas of interest below:

For individuals

  • The removal of the Work Test and the extension of ‘bring forward’ arrangements for members aged 65 and 66 years allowing members to more easily make voluntary contributions to their super.
  • Spouse contributions age limit increasing from age 70 to age 74.
  • Increased funding to the ATO to recover unpaid tax and superannuation liabilities from larger businesses and high wealth individuals.
  • Increased resourcing to regulatory bodies APRA and ASIC to strengthen their position as industry watchdogs.

For businesses

  • The company tax rate for small and medium-sized companies with an annual turnover of less than $50 million will reduce to 27.5 per cent. This rate will be lowered further to 25 per cent by 2021-22.
  • Increased apprenticeship incentive payments of up to $4000 to employers in eligible industries.
  • Increased funding to the vocational education and training (VET) sector.

We’ll continue to keep you updated on any relevant matters that may arise from this budget however if you’d like to review the commentary first hand, visit budget.gov.au