In mid-September, the Government and Opposition agreed on a $6.3 billion in saving measures in the federal budget. Twenty areas have experienced a cut from family benefits to climate change funding.
As the federal deficit balloon’s it’s a step in the right direction, however there might be some areas where you are affected.
We have listed what we see as the most relevant areas below;
Parents & Families
Families earning about $80,000 will no longer get Family Tax Benefit A End of Year Supplement.
The income test for paid parental leave will stay at $150,000 for another three years.
The planned increase to Family Tax Benefit B for the baby bonus has been dropped.
Income from Parental Leave Pay and Dad and Partner Pay will be included when calculating income support payments for children born or adopted from 1st October 2016.
To combat the costs of increased energy costs, the energy supplement payments will be changed, depending on what government assistance you already receive.
In an effort to reduce the load on the public health system, Medicare Levy Surcharges may apply to more people while others may pay a higher surcharge.
Under a new Dental Scheme, children and concession card holders will be able to access public dental services. In some cases, up to $1000 over two years.
Aged Care & Carers
January 2017, new claims for Carer’s Allowance will not be backdated up to 12 weeks.
When moving into an aged care facility, the income from renting your own home will be included in the income test for the pension.
If you are unsure what effect these changes will have on you, please contact Gary on (03) 5441 8043 or Stephen on (03) 5022 8118 so we can discuss your individual needs.