Federal Budget 2021/22

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This year’s Budget sees the government taking some steps towards improving financial outcomes for women, as well as including measures targeting low and middle-income earners.

Our budget fact sheet gives you a snapshot of the changes, including:  

  • removal of the $450 monthly income threshold to receive compulsory super contributions which, in conjunction with increasing the super guarantee to 12% by 2025 (starting with a rise to 10% from 1 July 2021), is good news for our members
     
  • one-off tax cuts for many Australians
     
  • more funding for aged care, childcare and pre-school education, mental health support and combating family violence
     
  • reduction of the eligibility age for downsizer contributions to super
     
  • removal of the work test for non-concessional contributions and salary sacrifice contributions
     
  •  increase to the first home saver payment.

 

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