So what's included in the Federal Budget?
As the world begins its recovery from the COVID-19 pandemic, this Budget proves to be a key component in how our country will make its way out of its first recession in almost 30 years.
Click the below to review this year’s outline of the Federal Budget initiatives. As always, the Budget announcements are statements of proposed changes only, and do not come in to force until they are passed by the Senate and become law.
What opportunities are in it for you?
The 2021-22 Federal Budget has been released and as expected, we have seen tax cuts and Government spending set for individuals and businesses, some of which may impact you.
Presented by our market-leading investment committee and Accounting Directors, you are invited to hear the experts insights on:
- Australia's economy and how you can plan for the future; and
- What the opportunities are for you and your family.
It's an insight not to be missed.
Tax for Individuals
- Extension of low- and medium-income tax offset (LAMITO)
- Personal income tax rates unchanged
- Medicare levy surcharge and private health insurance thresholds unchanged
Tax for Businesses
- Extension of temporary full expensing
- Extension of temporary loss carry-back provision
- Expansion of Boosting Apprenticeship Commencements wage subsidy
- SME Recovery Loan Scheme
Superannuation
- Increases to voluntary super contribution caps
- Increase to transfer balance cap
- Removal of work test for voluntary super contributions
- Reduction of eligibility age for downsizer contributions
- Removal of minimum income threshold for super guarantee
- Reduction of eligibility age to make NCCs under the bring-forward rule
- Relaxation of residency requirements for SMSFs and Small APRA Funds (SAFs)
Social Security and Aged Care
- Access to lump-sum advances under Pension Loan Scheme
- Aged-care reform
- Changes to the Child Care Subsidy
Home Ownership
- First Home Loan Deposit Scheme (New Homes)
- Family Home Guarantee
- First Home Super Saver Scheme
