How will the Federal Budget affect you?
We’ve summarised some of the key points from the Budget below but, remember, these are subject to
the passing of legislation:
- From 1 July 2022, if you’re aged 67 to 74 you will not be required to meet the work test to make non-concessional contributions and salary sacrifice contributions to super
- From 1 July 2022, you can make downsizer super contributions if you’re age 60 and over (currently you need to be age 65 or over).
- From 1 July 2022, if you’re a first home buyer you can release up to $50,000 (up from $30,000) from your voluntary super contributions to help you buy your first home.
- The low and middle income tax offset is to extend to the 2021/22 financial year with a maximum offset of up to $1,080 for individuals or $2,160 for a couple.
- Additional support for elderly Australians requiring care either within the home or in a residential aged care facility
Click on the link below to read IOOF's full report.