The Priority Report $600,000 Seniors Windfall!!!
#20
Hills Carnivale
At this years Hills Carnivale we decided to mix things up from previous years, setting up a dunking booth where Brendan, Barry, Allanah and a couple of helpers took the stand. The dunking booth was a great attraction to not only the kids but adults as well. After losing track of the number of dunking's we raised $220.30 for the National Breast Cancer Foundation. The team at Professionals Priority would like to thank everyone who came down to the George Willmore Park The government is hoping this measure will encourage to show their support. some people to downsize into housing that is more suitable to their needs, freeing up larger family homes. _____________________
If you are 65 or over, the Government will allow you to make a non-concessional contribution of up to $300,000 from the proceeds of selling your home from 1 July 2018. Both members of a couple are allowed to take advantage of this measure for the same home—effectively allowing them to invest $600,000. This non-concessional contribution will be excluded from the existing age test, work test and the $1.6 million balance threshold.
Helping first home buyers From 1 July 2017, first home buyers can contribute up to $15,000 per year and $30,000 in total in voluntary contributions to their superannuation account, within existing contribution caps, that can be withdrawn for their deposit. These savings will benefit from the tax advantages of superannuation. Contributions and earnings will be taxed at only 15%, rather than at marginal rates, and withdrawals will be taxed at marginal rates less 30%. Both members of a couple can save within the cap and then combine savings for a single deposit. _____________________
Tightening foreign investor rules The Government will stop foreign and temporary tax residents from claiming the main residence capital gains tax exemption when they sell their Australian property. To reduce avoidance of capital gains tax in Australia by foreign residents, the Government is bolstering the integrity of the foreign resident capital gains tax withholding system by increasing the rate from 10% to 12.5% and reducing the threshold from sale valued at $2 million or above to $750,000 or above. http://www.budget.gov.au/2017-18 p: 07 3164 7000
e: admin@professionalspriority.com.au
Page 16 - June 2017, The Hills Echo
Brendan Leggatt loving being dunked.
Professionals Priority Ferny Hills
@professionals_priority
a: 5/126 ferny way ferny hills qld 4055 www.hillsecho.com