Episode 35- 2018 Federal budget –the winners and losers

Finance Hour on J-Air

This week on The Finance Hour podcast, my good friend and Director of Orange Wealth, Michael Chew, joins me to discuss the 2018 federal budget forecast. We share our thoughts on the winning and losing changes taking place this year and discuss our overall impressions of the Federal budget.

We discuss how wage growth impacts the economy and our thoughts on the budget reply. We also discuss why we believe tax rates are not a deciding factor regarding a person’s desire to work, the pros and cons of franking credits, and policy changes regarding super funds, business taxes, and social security.

Don’t miss this week’s segment of Reuben’s Rant where I share my thoughts on the budget’s forecast for the Australian economy and why I believe we need to see more accountability from government organizations on how their financials have impacted the budget.

And stay tuned to the end of the episode for my Propellerhead of the Week segment to learn an alternative method of claiming tax deductions on your super contributions.

This week on The Finance Hour Podcast:

• Why the government predicts an increase in income over the next five
• Tax cuts proposed by the Australian government.
• Predictions regarding abolishing the 37% tax rate in 2024.
• Changes regarding super funds, insurance, and approved number of super fund members.
• The pros and cons of franking credits.
• Business taxes: the benefits of instant asset write-offs for small and large businesses.
• The new changes regarding business tax penalties.
• The changes to the limitations regarding social security, pension work bonuses, and pension loan schemes.
• The changes to the government policies regarding childcare.

Resources Mentioned:

• Budget 2018-19

Key Takeaways:

• The economy is doing better which is generating more income for the government.
• There is a bit of money to be spent. This budget doesn’t represent all of that.
• We need a balance across low-income earners, middle-income earners, and high-income earners, but we need it also to drive the economy - which benefits everybody.
• The government is trying to increase the ability of older Australians to put money into superannuation.

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