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Ph: 1300 272 843
Email: info@bravien.com


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Bardon, QLD 4065
Ph: 1300 272 843
Email: info@bravien.com

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The Bravien Breakdown
Breathe easy...(mostly)!

Thank you Canberra - it's pretty boring all round! And when one considers what could have been delivered in terms of harsher cuts to Centrelink age pension, or including the family home as an asset for Centrelink assessments, or much worse subjecting the home to capital gains tax, or increasing taxes in the areas of superannuation and retirement income streams - this is the kind of Federal Budget that is (mostly) kind to (most of) you.

This Bravien Federal Budget 2015 Special Edition will bring you the big ticket items and how they affect you.

Last year we had to “Share the Pain”.  
This year...apparently it's not so painful after all.

The Economy in Summary:

— No recession anytime soon. The economy is entering its 25th consecutive year of positive economic growth which is now the second longest continuous period of growth of any advanced economy in the world…and is forecast to grow for the next 3 years at least. As our biggest trading partner, China underpins our economy but their economy is slowing despite the US and Europe looking a bit healthier. The Budget forecast doesn’t expect this to change.

— The 2015 budget deficit is $35.1 billion (below market expectation of around $41 billion) dropping as follows (expectation of a return to surplus by 2019):

— Unemployment peaking at 6.5 per cent in 2015 and then falling to 6.25 per cent in 2016.

— Inflation rising to 2.5 per cent this year and staying at that level through to 2018/19.

— There will be no big pay rises. Wages are expected to rise in line with inflation over the next year, only slightly above CPI for the following 2 years and it’s only in 2018 where we can expect a decent pay rise.

...and our pick for the weirdest Budget spend:

Importing the UK’s nuclear waste: $26.8 million!! Just in case you thought we didn’t have enough of our own nuclear waste, we’ll now bring back radioactive waste from the UK, to be stored at Lucas Heights. Perhaps a small note to your local member may be warranted...

You can click here to view an excellent info-graphic of this year's winners and losers.

As always, if you would like to discuss your situation or how Budget2015 may affect you, please call the Bravien team on 1300 BRAVIEN (1300 272 843).

(Please remember, none of the Budget2015 measures are confirmed until they've been through the senate and received royal ascent).

The Team @ Bravien
Advice | Superannuation | Retirement | Investment | Insurance

Tax on personal earnings

Tax rates for FY2015/2016 - No change
Taxable Income Tax Payable / Marginal Rate
Up to $18,000 Nil
$18,201 - $37,000 Nil + 19% of each dollar over $18,200
$37,001 - $80,000 $3,572 + 32.5% of each dollar over $37,000
$80,001 - $180,000 $17,547 + 37% of each dollar over $80,000
Over $180,000 $54,547 + 47% of each dollar over $180,000

Medicare Levy - remains at 2.0%.  Low-income earners will continue to receive relief from the Medicare Levy through the low-income thresholds for singles, families, seniors and pensioners. The current exemptions from Medicare will also remain and apply to Disability Care.

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How will families be affected?


Families earning $65,000 or less will receive a subsidy of 85 per cent of their child care fees (up to an hourly fee cap). There will be no annual cap for families earning $180,000 or less.

Families earning between $65,000 and $185,000 will be about $30 a week better off under sweeping changes to childcare. The $3.5 billion overhaul of the childcare system means centres will receive direct government payments, which will reduce parents’ upfront costs from July 2017.

There will be a new activity test — to establish whether parents are in work, training or study — for families to access up to 100 hours of subsidised childcare a fortnight. However, the childcare package is linked to cuts to family payments left over from last year’s Budget.


Families with one stay-at-home parent are among the losers in this Budget, as the government tries to encourage parents to re-enter the workforce. Families with one stay-at-home parent and a household income of $65,000 or more, will lose all childcare subsidies - OUCH!

Under the new proposals, both parents must do at least eight hours a fortnight of work, training or study to qualify for any childcare payment subsidies. This comes into effect on July 1, 2017. Households with a stay-at-home parent and earning less than $65,000 will still receive 12 hours of subsidised childcare.


Parents who don’t vaccinate their kids will receive no government subsidies or payments, except on medical grounds. And $26 million has been set aside for incentive payments for doctors to vaccinate children.

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How will super, retirees and pensioners be affected?

Nothing much will change...unless you're affected by the changes! Superannuation was not attacked and private pensions remain tax free for those over age 60.

The increase to super guarantee will remain on pause at 9.5%. 

Financial Year SG Rate
2015-16 9.5%
2016-17 9.5%
2017-18 9.75%

Age Pension. The government’s proposed changes to pensions are designed to help 170,000 low-to-middle income pensioners, who will be $15 a week better off, according to the government.

The assets threshold for the full pension, which excludes the family home, has been raised from $202,000 to $250,000 for singles, and from $286,000 to $375,000 for couples.

But the limit at which someone can receive the part-pension has been dramatically reduced from $1.15 million for couples, to $823,000. This means 91,000 people will no longer receive a pension payment while another 235,000 people will receive less.

The government has ditched last year’s Budget plans to change how pensions will rise over time. Pensions will now increase twice a year, every year, by indexing the average male wage, which is purported to be the “highest available indexation rate”.

Even if you are no longer eligible for pension payments because of these changed thresholds, you’ll still likely qualify for the Commonwealth Seniors Health Card or Health Care Card.

Thankfully, the government will not include the family home in the means test.

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How will business be affected?

Small business is the big winner of Joe Hockey’s second budget. The government has slashed red tape while offering generous tax concessions to encourage small business owners to create jobs. According to the government, 96 per cent of Australian businesses will be eligible for tax relief.

The big-ticket item for all small businesses – defined as having a turnover of less than $2 million – is a tax cut of 1.5 per cent. For example, a company with an annual turnover of $1.3 million and a taxable income of $200,000 will be $3,000 better off.

If you’re starting a small business and spending money, life will be easier. Business purchases costing less than $20,000 will be immediately tax deductible. This can apply to as many items as you like – ovens, coffee machines, lawnmowers – while any assets over $20,000 can be pooled together and depreciated at the same rate. This means big savings to spend on upgrades since the previous limit for a 100% deduction was $1,000.

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Public service 

More jobs are likely to go in the public service, as the government pledges to save $450 million over next five years. The federal health and education departments will be targeted, as the government pledges smaller government in 2015-16.

Start tuning up your redundancy calculations again!...we're ready to advise you on the best way to receive your entitlements and assess your post-redundancy cashflow!

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The co-payment for visits to the GP will die.

However it’s proposed to increase the cost of any prescription subsidised by the government’s Pharmaceutical Benefits Scheme by $5 for each script you get filled from January 2016. For instance, the cost of the diabetes drug insulin will rise from $37.70 to $42.70. If you’re a concession card holder, instead of the $5, you will pay an extra cost of 80 cents.

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