Budget Update 2021-22
So are you a Business Owner, Employee, or are you a Self Retiree?
How will the budget handed down yesterday affect you?
The best way to find out how your individual circumstance is affected is to ask.
So if you’ve got any questions give me a call on 0419854982 or send through an email to firstname.lastname@example.org.
The Key Measures in Brief!
· Low to Middle Income Tax Offset was given a one year extension to 30 June 2022
Provides low and middle tax earners tax relief of up to $1080
· Child Care Offset Amended from 1 July 2022
Child Care Subsidy to increase by 30% for the second Child and subsequent Children aged under five years up to a maximum 95% (CCS)
Removal of work test for those aged between 67 and 74 from 1 July 2022
Abolishing the $450 minimum per month threshold for Super Guarantee contributions
Expansion of Downsizer to allow anyone over 60 instead of 65 to access the measure from 1 July 2022; this is the program where you downsize your home and can put money into super as a consequence of the downsize.
First Home Super Saver Scheme increases release of voluntary contributions from $30,000 to $50,000
Super Guarantee contributions will increase as planned by .5% per year from 1 July 2021 until it reaches 12%
· New Simplified Residency Test
are you a resident of Australia?
· Small Business
Temporary Full Expensing of assets to be extended to 30 June 2023. This also applies to secondhand assets.
Loss carry back rules for companies to be extended to 30 June 2023.
· JobTrainer Extension for two years
· Homebuilder Program
if you got your application in by 31 March 2021 you now have 18 months to commence your construction from the date of contract.
Note the above information is provided to provide a brief overview to merely allow further discussion; it is neither complete and should not be relied upon without seeking professional advice
Any questions contact Mobile Accountant Steven Sherrah on 0419854982 or email@example.com
"Liability limited by a scheme approved under Professional Standards Legislation”