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Federal Budget 2021

Federal Budget 2021

May 12, 2021 by Anthony Joseph Brosnan

Treasurer Josh Frydenberg has revealed this year’s Federal Budget, covering a range of measures including superannuation, tax and support for home buyers.

2021 Federal Budget Summary

Taxation

  • Extension of the low and middle income tax offset (LMITO) for an additional 12 months
  • Tax relief for businesses, including extension of the instant asset write-off provisions
  • Medicare levy surcharge and private health care thresholds unchanged

Superannuation

  • Removing the work-test for people aged 67-74 in respect to salary sacrifice and non-concessional contributions (NCCs)
  • Expanding eligibility to utilise the NCC bring-forward rule to people aged 67-74
  • Reducing the eligibility age for downsizer contributions from 65 to 60
  • Ability to commute certain legacy income stream products, such as Term Allocated Pensions (TAP)

Social security and aged care

  • Changes to Pension Loans Scheme allowing limited lump sums
  • Additional support to older Australians through home care resources
  • Measures in response to the Royal Commission into Aged Care Quality and Safety

Home ownership

  • Additional places under the First Home Loan Deposit Scheme (New Homes)
  • Support for single parents with dependants to purchase a new or existing home.

Concise information

Read and view Godfrey Pembroke’s summary below and find out what the 2021 Federal Budget means for you:

Download the 2021 Federal Budget summary (pdf) here.

Detailed information

Overview

Download the Federal Government 2021 Budget Overview document using the link below:

Download the 2021 Budget Overview – Securing Australia’s Recovery (pdf) here.

Budget 2021: Facts sheets

We have included the most relevant facts sheets here for your convenience.

Please see the links below to access these Fact Sheets:

  • Superannuation – More flexibility for older Australians
  • Tax incentives to support the recovery
  • Recovery and response support

Note: Other Fact Sheets are available via the Budget 2021-22 website. We have selected those above as most likely to have relevance.

For further, In-depth Information

Click here to access the Government’s Budget website.

 

 

Filed Under: News Tagged With: Federal Budget

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