A focus on strong performance
SuperRatings' Pension of the Year 4 years in a row4
Due to required maintenance, Member Online will be unavailable from 9:00pm on Saturday 20th August until 9:00am Sunday the 21st August. We apologise for any inconvenience.
One of the key announcements for workers in the 2020-21 Federal Budget was income tax cuts. Here’s a summary.
Calling it a budget to “rebuild our economy and secure Australia’s future” Treasurer Josh Frydenberg has pledged a raft of key changes including tax relief for Australian workers.
Technically, the government is bringing forward previously announced changes to personal income tax that were scheduled to be implemented from 1 July 2022.
From 1 July 2020:
The Government will also provide additional targeted support to low- and middle-income Australians. In 2020-21, low- and middle-income earners will receive a one-off additional benefit of up to $1,080 from the low and middle income tax offset (LMITO).
The Government estimates more than 11 million Australians will benefit from these measures across two years.
Source: Budget.gov.au for 2020-2021. The table provides stylised cameos based on the tax payable for an individual, excluding any transfer payments. The tax liability and tax relief are calculated only taking into account the basic tax scales, the low income tax offset, the low and middle income tax offset and the Medicare levy (with 2017-18 Medicare levy single low-income threshold). Actual outcomes for many individuals and households would differ.
Additional simplification of marginal tax rate thresholds is planned for the 2024-25 financial year. You can download the government’s tax fact sheet here.
You can access all Budget papers here, and access QSuper’s summary of Budget announcements here.
For over 100 years QSuper has been there for members – in the good times and the tough ones – and today is no different.
Read more about coronavirus and your super
Book a financial advice appointment
View recent investment performance
Register for an online seminar
Find out how reductions to some police insurance premiums may impact you.
Find out what legislative changes coming into effect from 1 July 2022 may mean for you.
Consultant cardiologist gets back in the saddle for his 12th 333-kilometre ride for enhanced cardiac care in his hospital.
Our team of superannuation specialists recently visited remote Torres Strait communities to help locals access and engage with their super.