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
- 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
- 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
- Additional places under the First Home Loan Deposit Scheme (New Homes)
- Support for single parents with dependants to purchase a new or existing home.
Read and view Godfrey Pembroke’s summary below and find out what the 2021 Federal Budget means for you:
Download the Federal Government 2021 Budget Overview document using the link below:
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