Financial Tuner

Federal Budget: Summary of key proposals that may apply to you.

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Budget 2023 announced changes.

From 30 June 2023 there are other legislative changes occurring not mentioned in the budget, which may be relevant to your situation. Stay tuned..

Changes to the downsizer contribution eligibility age from 1 January 2023

A downsizer contribution allows Australians to contribute up to $300,000 from the sale proceeds of their main residence into a complying super fund, without it being assessed under the contribution caps.
From 1 January 2023 the eligibility age to make a downsizer contribution has been reduced from age 60 to 55.

Though the eligibility age has reduced, all other requirements to meet the downsizer eligibility will remain the same, such as having owned the house for at least 10 years, and not having made a downsizer contribution before.

Federal budget summary for your reference.

Please get in touch if you'd like to know if these proposed changes, or other

Personal taxation,
Home ownership,
Superannuation, or
Social security

regulations can be of benefit to your situation.

Dream big, and go after it!

The Heysen E2E team is stoked to have received sponsorship from Financial Tuner who are passionate about partnering with people towards their financial goals. Director John Csongei is not only a licensed financial planner, he is also an accomplished and passionate ultra-runner.

Thanks John! Your support will go a long way in helping us achieve our goal.

The insider's advantage

Unlike your car insurance, most life insurers offer what’s known as 'guaranteed renewable' policies – meaning that each year your policy is renewed, the insurer must continue to cover you under the same terms and conditions.

So regardless of whether your health has declined or you’ve taken up new activities, they cannot revoke your cover or change what you’re covered for.

For example, if you’re diagnosed with diabetes or even choose to start base jumping two years after you take out your policy, you’re guaranteed to have the same cover, for the same price. In fact, you don’t even have to tell your insurer about these changes.

An added benefit of this is that when most insurers make improvements to policy terms that benefit you, they will automatically include them in your existing policy – at no extra cost.

There’s more…

If your occupation becomes riskier, you don’t have to tell your insurer. But if you do, they generally won’t increase premiums, insure you for less, or change your benefits. However, if your occupation becomes less risky, make sure you tell your insurer as your premiums could be reduced.

The movement here is completely in your favour.

And more…

Look into future insurability, where you can increase your cover without any medicals when major life events occur (e.g. you get married or take on a larger mortgage).

The bottom line is, once an insurer takes you on, they take on the risk. So no matter how your behaviours change, you’re guaranteed the terms of your policy from the day you took it out. And, in some instances, you can improve your benefits, or reduce your premium, without additional risks or costs.

Want to know more?

If you’d like to discuss any of the content in this article and how it may apply to you, please call me on 08 8333 1222.