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On Tuesday 11 May, Treasurer Josh Frydenberg handed down the 2021 Federal Budget. Below, we’ve summarised some of the key take-outs to be aware of.
“Calling it a budget to “rebuild our economy and secure Australia’s recovery” Treasurer Josh Frydenberg has pledged a raft of key changes including several related to superannuation.
While the majority of changes were directed to individuals, there were two key superannuation announcements – one already legislated and one currently a proposal – for businesses to be aware of. Click on the links below to find out more.
From 1 July 2021: An increase in the superannuation guarantee
From 1 July 2022: Abolishing the $450 threshold
In addition to the above, a number of changes were proposed to help individuals both save and spend. The proposals include income tax cuts, changes to the First Home Super Savers Scheme, greater flexibility for older Australians to save and women’s economic security.
Other announcements for individuals
At QSuper, we are committed to making it easy for employers to meet their superannuation obligations by keeping them up to date on the latest news that may affect them.
Helping you understand how to meet your superannuation requirements means you can get on with running your business.
Please note that some of these announcements are yet to be legislated and may be subject to change. We will keep you updated on all proposals through the QSuper website. You can also access all Budget papers here.
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