So what's included in the Federal Budget?
As the world begins its recovery from the COVID-19 pandemic, this Budget proves to be a key component in how our country will make its way out of its first recession in almost 30 years.
Click the below to review this year’s outline of the Federal Budget initiatives. As always, the Budget announcements are statements of proposed changes only, and do not come into force until they are passed by the Senate and become law.
What opportunities are in it for you?
The 2021-22 Federal Budget has been released and as expected, we have seen tax cuts and Government spending set for individuals and businesses, some of which may impact you.
Presented by our market-leading investment committee and Accounting Directors, you are invited to hear the experts insights on:
- Australia's economy and how you can plan for the future; and
- What the opportunities are for you and your family.
It's an insight not to be missed.
- Increases to voluntary super contribution caps
- Increase to transfer balance cap
- Removal of work test for voluntary super contributions
- Reduction of eligibility age for downsizer contributions
- Removal of minimum income threshold for super guarantee
- Reduction of eligibility age to make NCCs under the bring-forward rule
- Relaxation of residency requirements for SMSFs and Small APRA Funds (SAFs)
How the reform on concessional contributions will affect you?
On 1 July 2021 super contribution caps will increase and several super reforms announced in last year’s Federal Budget will take effect.
$800m Federal Budget 2020 Plan to Push Business Digital
Prime Minister Scott Morrison has announced an $800 million plan as part of the upcoming Federal Budget to push businesses in adopting new digital technologies and aid in post COVID recovery.
Why you should care about the Federal Budget
While the federal budget is yet to be released, a few ministers have let slip about some policy changes we can expect come 6 October.It can be expected that this budget will be one of the most important budgets in recent years, as it will reveal the Government’s plan to assist the nation through the recession. The first formally announced economic downturn in 30 years.