Federal Budget 2021-2022
The 2021-22 Federal Budget was delivered on Tuesday 11 May and it included a number of announcements related to superannuation which are relevant to some of our customers.
12 May 2021
- The maximum amount of money able to be released through the First Home Super Saver Scheme will be increased from $30,000 to $50,000 of savers’ voluntary contributions.
- The Government will lower the minimum age for the downsizer super contribution from 65 to 60. This will allow Australians nearing retirement to make a one-off post-tax contribution of up to $300,000 per person (or $600,000 per couple) when they sell their family home.
- Australians aged between 67 and 74 will no longer be required to meet the “work test” - under which they must work at least 40 hours in a 30-day period – in order to make non-concessional or salary sacrifice contributions to their super fund. The existing $1.6 million cap on lifetime superannuation contributions will continue to apply (increasing to $1.7 million from 1 July 2021).
The timeframes for the implementation of these Budget measures is not yet known, and we will provide more details as that information comes to hand.
Full details on the announcements in this year’s Budget have been published at www.budget.gov.au
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