2017 Federal Budget Update

2017 Federal Budget Update

Federal Budget Highlights: 1. Economic Forecasts 2. Breaks for first homes buyers 3. Downsizing Retirees 4. Keeping local property for locals 5. Keeping our future healthy 6. Economic Forecasts Economic Forecasts The government forecasts suggest that the economy will expand by around 3% in the year to June 2018 On the back of the infrastructure spending boom, unemployment to remain below 6% –Inflation will progressively increase to 2.25% in 2018 The government expects commodity prices to remain at around current levels Australian dollar could be expected drift slightly lower. Wages growth will progressively increase Breaks for first homes buyers To make the task of saving for their first home easier, eligible buyers will be able to divert their pre-tax income towards a special savings account. This will mean that saving a deposit will become a little bit easier. From 1 July 2017, individuals can make voluntary contributions of up to $15,000 per year and $30,000 in total, to their superannuation account to purchase a first home. These contributions, which are taxed at 15 per cent, along with deemed earnings, can be withdrawn for a deposit. Withdrawals will be taxed at marginal tax rates less a 30 per cent offset and allowed from 1 July 2018. For most people, the First Home Super Saver Scheme could boost the savings they can put towards a deposit by at least 30 per cent compared with saving through a standard deposit account. This is due to the concessional tax treatment and the higher rate of earnings often realised within superannuation. Many employees will be able to take advantage of salary sacrifice arrangements to...
Workplace Wellbeing

Workplace Wellbeing

Wellbeing is a commonly used term, and applied to many different contexts.  Here, we will consider how to maintain a high level of wellbeing at work; sometimes work is the direct cause of negative wellbeing! It is well-established that work can cause a significant amount of stress, emotional upset, practical problems and physical health issues.  Aside from the obvious negative consequences for the individual, the employer is also affected.  Staff who are unwell take more time off work, they are less productive when they are there, and may not be considered value for money.  This has led to a change towards ensuring workplace wellbeing; if an employee is happy and healthy they will be more productive.  Their home life will also benefit, as the home is often the place/people that get the brunt of workplace stress. There are many ways in which workplace wellbeing can be improved and maintained.  The obvious, but perhaps not so realistic, is to reduce workloads and other constraints, such as time.  Given the world we operate in, this is unlikely in any great way.  Instead, we can make small changes ourselves to reduce our stress levels and become a happier person all round.  One of the most important aspects of managing workplace wellbeing is maintaining control over your workload.  Initially, this can be achieved by simply creating lists of everything that you’re trying to remember to do.  Once there are several competing demands, they need to prioritised and delegated appropriately.  Whilst it may seem counter-intuitive to spend time organising rather than actually doing the work, it will make life a lot easier overall, which...