This year’s Federal Budget covers a range of measures including superannuation, tax and support for home buyers.
It provides greater super contribution opportunities for older Australians, ongoing assistance for business owners, and support for people looking to purchase a home.
- 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
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.
We’ve summarised the key initiatives, outcomes and potential opportunities from the 2021 Budget for you.
Download your copy of the full analysis 2021 Federal Budget Analysis (pdf)
Prefer a visual summary of key highlights and potential opportunities. View 2021 Budget infographic >>
Watch the 2021 Federal Budget wrap up with Jenneke Mills from MLC Technical. Jenneke will step through key announcements, outcomes and opportunities.
If you’d like to discuss anything in this years Federal Budget please contact us on 03 9882 4155.