April 2022 – Minerds Bell Newsletter

Client Bulletin

from Andrew Harris principal of Minerds Bell Consultancy Group

 

Hi, Welcome to our April update.

I can’t believe its April already. Very soon it will be Easter and then Anzac Day.

In terms of news this month, the Federal Budget for 2022-2023 was handed down in late March. It focussed largely on measures to ease cost of living pressures as we emerge from the pandemic and factors being experienced due to the war in the Ukraine.

Among the proposed changes, Treasurer Frydenberg announced a temporary cut it in the fuel excise, help for home buyers and extended relief for retirees, as well as providing one-off cost of living payments to many Australians.

The key points to note are:

Superannuation

  • Extending the existing minimum pension drawdown relief. The reductions in the minimum drawdown rates have been extended until 30/6/2023.
  • Increase to the Low and Middle Income Tax Offset (LMITO) for the balance of this financial year. Depending on your income, this may result in a tax benefit of up to $1,500 for this financial year.
  • Small increase in the Medicare levy low-income thresholds from 1/7/2021 that will result in lower Medicare levies.

Social security families and aged care

  • One-off tax-free cost of living payment of $250 for those who receive qualifying social security payments or hold eligible concession cards.
  • Enhancing the paid parental leave scheme with more flexible arrangements of up to 20 weeks leave from 1/7/2023.
  • Lowering the Pharmaceutical Scheme (PBS) threshold from 1/7/2022. The increased safety net may mean up to 12 fewer scripts for concessional patients and 2 less for general patients.

Housing Affordability

  • Expanding the Home Guarantee Scheme including first home, regional home and the family home guarantees.

Please refer to the attached article (2022 Federal Budget Update) for more information. Note that measures may change as legislation passes through Parliament

Daran, Natalie and I will be taking a break with our families from the 19th to the 22nd of April. Our support staff will be in the office to assist you should the need arise.  If you are planning a trip away, I hope you have a safe and enjoyable break.

Andrew Harris

Principal – Minerds Bell Consultancy Group

 

0

Like This