What could the Budget mean for you?

The Federal Budget for 2021/22 was announced on Tuesday. It included several initiatives for home ownership, business owners and superannuation.

Check out our highlights below and contact us if you would like to discuss how the budget could impact your individual situation.

Home Ownership

Under the First Home Super Saver Scheme (FHSSS), the maximum releasable amount will be increased from $30,000 to $50,000.

Eligible single parents with a deposit of as little as 2% could be provided a pathway to home ownership.

There are an extra 10,000 places in the New Home Guarantee scheme to help first home owners build or purchase a new home with a deposit as low as 5%. 

Business Owners

The temporary full expensing initiative will be extended until 30 June 2023. This will allow eligible businesses with a turnover of up to $5 billion to deduct the full cost of eligible depreciable assets of any value in the year they are installed. Contact our Asset Finance Specialist to see how we can help.

The SME Recovery Loan Scheme has been extended which will enable participating lenders to provider cheaper credit for eligible business that received JobKeeper or have been affected by the floods.

More Flexibility around Super

The age at which people are eligible to make a downsizer contribution will reduce from 65 to 60. This will allow an after-tax contribution of up to $300,000 per person when they sell their family home.

The Budget removes the current $450 per month minimum income threshold under which employees do not have Superannuation Guarantee (SG) paid by their employer.

Disclaimer: Any information provided herein is of a general nature only. No consideration has been taken into your objectives, needs or financial situation. Before acting on this information you should consider if it is appropriate for your situation.