What the 2021-2022 Budget means for you?

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What the 2021-2022 Budget means for you?
www.sfadvisory.com.au
61 3 9034 4883 61 402 895 593
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As we try to cope with the effects of Covid19 as
a nation, the Government has put forward a budget
that allows us greater access to money, with the
intention of encouraging us to spend. Heres the
highlights of incentives where you may be
eligible
Expanding access to First Home Super Saver Scheme
The First Home Super Saver Scheme (FHSSS), which
has applied since 1 July 2017, will be expanded
to increase the maximum amount of voluntary
contributions that can be released under the
scheme from 30,000 to 50,000.
Extended Availability of New Home Guarantee
From 1st July 2021, a further 10,000 places will
be made available for first home buyers seeking
to build a new home, or purchase a newly built
home, with a deposit of as little as 5.
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Family Home Guarantee package
Single parents with a household income of less
than 125,000 now only need to save a 2 per cent
deposit to purchase a home. The program will
support up to 10,000 single parents with
dependants over 4 years.
Capital Gains Tax removed for granny flats
There will be a Capital Gains Tax (CGT) exemption
for granny flat arrangements where there is a
formal written agreement for a family member to
reside on the relevant property (either in the
same home or a separate building). The exemption
will apply to arrangements with older Australians
or those with a disability.
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Downsizer Contribution now available from age 60
Previously, anyone over the age of 65 who sold
their home and met certain other conditions,
could contribute up to 300,000 (per individual)
into their super. This minimum age will now be
reduced to 60.
Work Test for Super Contributions
The work test is also being scrapped, which means
people aged between 67 and 74 will no longer need
to work for at least 40 hours over 30 consecutive
days during the financial year before
concessional or non-concessional super
contributions are allowed.
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SMSF Residency Requirements
Relaxed residency requirements for SMSF and small
APRA-regulated funds (SAF) will allow their
members to continue to contribute to their
superannuation fund whilst temporarily overseas.
From 1st July 2022, the central control and
management test safe harbour will be extended
from two to five years, and the active member
test will no longer apply.
Pension Loans Scheme
The government will provide 21.2 million over
four years from 2021-22 to improve the uptake of
the Pension Loans Scheme by providing immediate
access to lump sums of around 12,000 for
singles, and 18,000 for couples.
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Aged Care Package
The Government has announced a 17.7 billion
package aimed at eliminating the home care
waiting list within two years, mandating minimum
care time in residential aged care homes and
boosting the workforce. They are also adding
23,000 additional Home Care packages to allow
senior Australians to remain in their home for as
long as possible.
JobSeeker
The JobSeeker payment has been increased by 50
per fortnight totalling 9.5 billion over the
next 5 years. It applies to people on the Youth
Allowance, Parenting Payment, Austudy, ABSTUDY
Living Allowance, Partner Allowance, Widow
Allowance, Special Benefit and Farm Household
Allowance.
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61 3 9034 4883 61 402 895 593
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www.sfadvisory.com.au