I had planned to put out a budget ‘blog’ today, but unfortunately, from a superannuation, investment and financial advisory point of view there is nothing to tell and given it is difficult to write about something that is really nothing more than what we already know I felt I might leave it to the many commentators who have tried to fill pages with anything and everything they can relating to the 2013 Federal Budget.

However, after much consideration, I felt I best put out something so that our readers don’t think we missed it!

So, not to bore you with more of the same and to keep it simple, I have put together a thumb nail guide to the budget issues that affect the superannuation, investment and financial advice sphere. Read on:

• The Medicare levy will increase by 0.5% to 2% pa from 1 July 2014.
• The $5,000 Baby Bonus will be removed from 1 March 2014, however families eligible for Family Tax Benefit (Part A) will receive $2,000 following the birth of their first child, and $1,000 for each subsequent child.
• The superannuation concessional contribution cap will increase from $25,000 pa to $35,000 pa from:
  • 1 July 2013 for people 60 and over, and
  • 1 July 2014 for people 50 and over.
• From 1 July 2014, all pension asset earnings above $100,000 will be taxed at 15%.
• Personal tax rates will remain the same.
• Work related expenses will be capped at $2,000 from 1 July 2014

Of course nothing is for certain these days and there is an election coming up, so we shall wait with bated breath!