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A few notes for the new financial year
As difficult as it is to believe, the start of a new financial year is just around the corner. It feels as though we just turned over the calendar year to January, and now we're already half way through! As always, there are few changes coming in July that are worth noting, especially for those in business and people drawing a pension from superannuation.
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Huge HELP debt indexation rate increase coming 1st June
Outstanding HELP debt balances are indexed every year. This year however, the indexation factor used is set to be the largest it has been in decades thanks to higher inflation. The rate increase is due to apply on 1st June, so if possible you may want to consider repaying some or all of any applicable HELP debt to reduce or eliminate the impact.
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2023-24 Federal Budget
Treasurer Jim Chalmers has handed down the 2023-24 Federal Budget. This year's Budget is - rightly - focused on delivering much needed relief to individuals in the community struggling most with cost-of-living pressures.
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