Next Tuesday, YourLifeChoices will be heading to Canberra to take part in the 2016/17 Federal Budget media lockup. As well as enabling us to get all the Budget 2016/17 news to your inbox quicker, it also gives us the chance to ask questions of Treasurer Scott Morrison on your behalf.
While changes to negative gearing, the capital gains tax discount and GST are notably off the table, we’re keen to learn more about how retirement income policy may change. Superannuation is the hot topic and we expect a major announcement about how the retirement saving vehicle will be affected. We know the Government is looking to change the concessional tax rate on contributions, but what else is on the cards for our beleaguered superannuation system?
The Age Pension has taken a beating at the last two federal budgets, although many of the proposals made in the 2014/15 Budget, thanks to the Senate, have not become law. However, last year changes to the asset test thresholds and the taper rate for the Age Pension were announced and thanks to bipartisan agreement, these will take effect from 1 January 2017. So, what can we expect this year? The reintroduction of legislation to increase the Age Pension eligibility age to 70 shouldn’t be ruled out and we wait with bated breath to see if the family home remains outside the Age Pension asset test.
Asking questions at the Treasurer’s media scrum is no mean feat, but we’re more than willing to voice your concerns should we have the chance. So, what would you like to ask the Treasurer? Simply leave your questions in the comments below, we’ll choose the best three and see how we go.