Budget snapshot: How are you affected?
The 2009/10 Federal Budget has significant impacts on financial strategies, particularly for people nearing retirement. Here’s a quick summary.
Key financial strategy impacts
~ Tax cuts confirmed
~ Changes to Commonwealth Seniors Health Card dropped
~ Age Pension full rate increased
~ Pension income test tougher
~ Concessional contributions to super trimmed
~ Lower minimum super pension drawdown extended
~ Private health insurance to cost more for high-income earners
~ Employee share plan benefits cut
