Australian Budget 2009

The second budget from the current Labor Government was released on Tuesday, 12 May 2009.

We have summarised the main proposed changes in the areas of:

Superannuation
Taxation
Pension
Health

Are we there yet?

It is important to note that most of the Treasurer’s announcements are only proposed and cannot be implemented until they are ratified by the Senate, where the government does not have a majority.

While it is anticipated that most of the budget measures will be passed by the Senate, it is important to keep up-to-date when this happens and any amendments to the proposed legislation that may occur.

Will there be more?

In his budget speech the Treasurer foreshadowed that the government intends to review the entire Australian taxation system and some aspects of the current superannuation system.

They also announced their intention to review current levels of pensions and benefits for older Australians.
However, these reviews will not impact the announcements made in this year’s budget.

IFFP will keep you up-to-date with changes as they occur. To stay informed, subscribe to our free quarterly newsletter, IFFP News.

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