Federal Budget

A fairer aged care system

The aged care reforms previously announced on 20 April have been costed as part of the 2012/13 budget and beyond. At a cost of $3.7 billion over 10 years, the reforms are to help ensure a better, fairer, more sustainable and more consistent aged care system.

Federal Budget

Tripling the tax-free threshold

The tax-free threshold will triple from its current limit of $6000 to $18,200 in 2012/13. Those taxpayers earning less than $80,000 per annum will get a tax cut, with most receiving an additional $300 per year.

Federal Budget

New Supplementary Allowance

Good news for those receiving Newstart Allowance with an additional payment to be paid from March 2013. The Supplementary Allowance will be paid in two instalments each year. Eligible singles will receive $210 per annum, with couples receiving $350 per annum.

Federal Budget

Commemorating the Centenary of ANZAC

2015 sees the centenary of the Gallipoli landings and $83.5 million has been committed over seven years to commemorate 100 years since Australia’s involvement in WWI.

Federal Budget

Better health

The Government will invest $61 billion in 2012/13 to improve access to health care, new hospitals, mental health reforms and e-Health.

Federal Budget

National Disability Insurance Scheme

An NDIS will fundamentally change the way disability care and support is provided

Federal Budget

Where the savings will come from

The Government will make $33.6 billion worth of savings to fund the return to surplus promised in 2012/13. Less than half of these savings will come from taxes.

Federal Budget

Budget summary

Find out how the cash was splashed and where the cuts were made

Federal Budget

What they say

Who said what in today’s newspapers

Federal Budget

Better access to public dental services

As part of an overall dental funding package, $345.9 million will be spent over three years to reduce public dental waiting lists.

Federal Budget

Support for older workers

The creation of the Mature Age Participation – Job Seeker Assistance program will cost $26 million and will aim to provide practical help for job seekers aged 55 and over.

Banking & Investment

Money: you can’t just give it away

Sharing a windfall with family may seem a kind gesture but with the restrictive rules surrounding gifting and trusts, you can’t simply give it away.

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