The friendly societies industry has concerns about a measure in the 2018/19 Federal Budget which relates to the new low and middle-income tax offset.
While the industry welcomes tax cuts for low and middle-income earners, if legislation to give effect to the low and middle-income tax offset passes Parliament in its current form, this will discourage Australians from contributing their savings towards the cost of school education, tertiary education and vocational training (including apprenticeships) through scholarship funds.
The appointment of Hon Helen Coonan as the inaugural Chair of the Australian Financial Complaints Authority (AFCA) has been welcomed by the Friendly Societies of Australia (FSA).
Ms Coonan has extensive experience in public policy, notably through her time as a Cabinet Minister during the Howard Government. Her ministerial roles included stints as Minister for Revenue and Assistant Treasurer.