Comments on the 2021-22 Federal Budget
The 2021/22 Federal Budget handed down last night is part of the next stage of the Government’s economic plan to secure Australia’s recovery in a post Covid-19 economy.
It is aimed at creating jobs, guaranteeing essential services and building a more resilient and secure Australia.
Highlights are:
- Personal income tax cuts – extension of low and middle tax offset.
- Business tax incentives; – including loss carry back rules and full expensing of deprecating assets will be extended for a further 12 months
- Superannuation changes including abolishing The Work Test in some cases, and the removal of the SG threshold
- New apprenticeships and training places;
- Record funding for women’s issues, schools, hospitals, aged care, mental health and the NDIS.
We look forward to working with you on how the Budget changes impact your personal circumstances.
Cheree Woolcock
CEO & Director
DFK Benjamin King Money
“This year’s budget aims to allow older Australians the opportunity to increase their super balances post retirement with the removal of the work test requirement, and the changes to the age in order to make downsizer contributions.
Additionally, more Australians will be entitled to a greater amount of super contributions as the minimum threshold on which SG is calculated has been abolished. This will allow part time workers and mums to begin to build up there super balances to combat the sizeable differences between male and female super balances upon retirement.”
Daniel Shaw
Principal and SMSF Specialist Adviser
DFK Benjamin King Money
