Updated: May 13, 2021
Federal Budgets in the year before an election are always my favourite. These Budgets usually contain lots of spending, as was the case this year with large commitments towards aged care and infrastructure. I’m glad to see that they intend to provide more flexibility for contributions into superannuation through increasing the maximum age before the work test is required as well as lowering the age at which a downsizer contribution can be made. Younger Australians should benefit from the expansion of the First Home Super Saver Scheme and the removal of the minimum income threshold for employer super contributions.
Blake Halligan, Senior Financial Planner CFP® BFin BComm GDipFinPlan
Authorised Representative (312507) of GPS Wealth