The government last night released the 2017/18 Federal Budget.  Unlike last year there were relatively few announcements made in respect to the superannuation system.  

Below we have summarised the main measures which may impact you, noting at this stage they are proposals only and may or may not be legislated.

• From 1 July 2018 those aged 65 and over will be able to contribute up to $300,000 into super from the sale of their family home, as long as it has been owned for at least 10 years.  This contribution will not count towards the current non-concessional cap.
• From 1 July 2017 individuals will be able to make voluntary super contributions of up to $15,000 a year, up to a total of $30,000.  These contributions can be withdrawn to go towards the deposit on a first home.
• From 1 July 2019 the Medicare levy will increase from 2% to 2.5% pa 9 to fully fund the National Disability Insurance Scheme.
• Individuals who became ineligible for the Pensioner Concession Card as a a result of the 1 January 2017 asset test changes will be reissued the card.
• Eligible pensioners will be entitled to a one-off energy assistance payment of $75 for singles and $125 per couple from 20 June 2017.
• Family Tax Benefit - Part A and B payments will not be indexed for two years.  
• Deductions for residential property investments will be restricted in relation to travel expenses and plant and equipment depreciation.
• The income thresholds for the repayment of higher education loan program (HELP) debts have been revised.