This is one of the more straightforward budget summaries as, frankly, there wasn’t a lot in last night's announcement to get too excited about.  
The key initiatives, as outlined below, primarily focus on moderate revisions across various sectors including personal taxation, cost of living, business taxation, parental superannuation, and social security. 
These are designed to provide incremental benefits and adjustments without drastic impacts. 
​
Personal taxation:
The already legislated Stage 3 tax cuts make changes to personal income tax rates and thresholds from the 2024/25 financial year (starting 1 July 2024), resulting in tax savings for all taxpayers.
​

• Revised Stage 3 tax cuts will deliver tax savings from 1 July 2024.

​Cost of living:
•    Energy bill relief from 1 July 2024 will provide savings of up to $300 for all households and $325 for eligible small businesses. It’s not yet known exactly when rebates will be applied to accounts, however it will be quarterly.
•    Higher Education Loan Program (HELP) loan holders will benefit from changes to indexation, with debts to be increased by the lower of inflation and wages growth. The average student will now save approximately $1000. To estimate indexation credits, see HELP Indexation Credit Estimator.
•    The maximum Pharmaceutical Benefits Scheme (PBS) co-payment of $7.70 will be frozen for pensioners and Commonwealth concession cardholders until 31 December 2029. For all other Medicare card holders, the co-payment of $31.60 is frozen until 1 January 2026.
​
Business taxation:
•    The $20,000 instant asset write-off threshold for eligible small businesses will be extended for another 12 months until 30 June 2025.
​
Superannuation:
•    Superannuation Guarantee will be paid on Paid Parental Leave from 1 July 2025.
o    This proposal will help normalise parental leave as a workplace entitlement like annual leave.
o     This measure is designed to reduce the impact of parental leave on retirement savings.
•    Contributions will be at the same rate as employer contributions under the Superannuation Guarantee, which will be 12% from 1 July 2025.
Social security and aged care:
•    The freeze on social security deeming rates for financial investments will be extended until 30 June 2025.

• The maximum Commonwealth Rent Assistance will be increased by 10%.

o    The average rent has increased by $40/week and rental assistance is only going up $1.40 a day.

• From 20 March 2025, Carer Payment recipients will be able to work up to 100 hours at any time in a four-week period without losing their payment. This is known as the ‘participation limit’ and is only a maximum of 25 hours every week.
• Increased support will be provided to older Australians looking to remain in their home to receive ongoing care by providing an additional 24,100 home care packages in 2024/25. The Single Assessment System commences from 1 July 2025, which will provide a single point and needs assessment for aged care. Funding will be provided to assist the implementation of the new Support at Home Program commencing on 1 July 2025.

Conclusion:
Overall, the budget adjustments present modest benefits across multiple areas, without introducing any major disruptions or surprises.
As always, if you have any queries about the above or any other budget announcements then please give our office a call.

Graduate – Financial Planning - Full time
As a fast growing, small and flexible company our priority is to find a candidate who is the “right fit” with the drive and enthusiasm to grow as the business grows. The right candidate may be someone starting in the industry with the ambition to become a financial adviser in the future, or someone who recently entered the industry who’s looking for an opportunity to broaden their skill base and experience. 
 
THE ROLE:
The successful candidate will gain hands-on exposure to all aspects of financial planning and will work directly with the business owner in the delivery of advice to a diverse client base.  
 
The role is broad and the employee will be expected to be involved in all components of our service delivery including, but not limited to: client interaction, database management, fund manager/insurer liaison, administration and document preparation.
 
There will be no limits placed on the potential to grow and develop in this role. Full training will be provided to the successful candidate and Next Level will support further education towards attaining financial planning qualifications (as required).

QUALIFICATIONS / SKILLS 
Qualifications: Business Related Degree (Finance, Commerce, Economics) or near completion
Experience: Willing to train the right candidate 
Skills:
·       A keen interest in devising strategies to help our clients improve their lives.
·       Intermediate to advanced Microsoft Office skills 
·       Excellent verbal and written communication 
·       Organised and able to meet deadlines 
·       Strong attention to detail
·       Keen to work as part of a positive team
·       Self-motivated and can-do attitude 
·       Drivers Licence
 
This is a fantastic opportunity to work in a small, boutique financial planning organisation with an excellent training pathway. The role is full-time and based in our office in Mount Eliza. The salary will be commensurate with the experience and abilities of the successful candidate. 
 
Please include in your covering letter why you believe you would be the best fit for this position. We look forward to hearing from you. Apply via SEEK.com.au

The last 18 months has been unprecedented in a number of ways, but the rebound in the housing market has taken most by surprise. 

There are number of reasons why the market has rebounded including low interest rates, some relaxation in lending restrictions and low supply in some areas.

The outcome is that many younger people are being priced out of the market, which isn’t a new problem but one that’s intensified in recent months and one that’s likely to gain increasing media attention as we approach the next federal election.

The intent here is to summarise some recent government initiatives that are intended to assist young people enter the housing market and also some commentary about what might happen if this or future governments determine that more intervention is needed (with reference to a recent initiative from the New Zealand government).

As per Victoria Government Covid-19 restrictions, all staff at Next Level Financial Services are working from home. We are continuing to offer our full range of services via telephone calls, emails and online Zoom meetings. Please get in touch on 03 9188-4254 if you require any assistance.
Once government restrictions are eased and we return to the office, we're taking steps to protect our clients, staff and business by:
- Staying home if unwell
- Using the Victorian Government QR Code Service at point of entry
- Keeping our fitted masks handy at all times
- Keeping our distance from others where possible
- Washing our hands regularly
- Cleaning used surfaces frequently
- ​Having a COVIDSafe Plan for our business  ​