The Federal Government handed down its Budget for the 2021-22 financial year. Compared with last year’s record deficit of $213.7 billion,the underlying cash deficit is projected to decrease to $161 billion as the economy continues the path to recovery from Coronavirus
Some of the key Budget announcements that should be of interest to you and your clients include:
§ the removal of the work test for non-concessional and salary sacrifice contributions
§ a reduction in the minimum age requirement for downsizer contributions
§ anncrease in the amount of super savings available to first home buyers
§additional investment into aged care following a Royal Commission into the quality and safety of the system.