As we try to cope with the effects of Covid19 as a nation, the Government has put forward a budget that allows us greater access to money, with the intention of encouraging us to spend. Visit: https://sfadvisory.com.au/what-the-2021-2022-budget-means-for-you/

1. What the 2021-2022
Budget means for you?
www.sfadvisory.com.au
+61 3 9034 4883 | +61 402 895 593

3. As we try to cope with the effects of Covid19 as a nation, the Government has put
forward a budget that allows us greater access to money, with the intention of
encouraging us to spend. Here’s the highlights of incentives where you may be eligible:
Expanding access to First Home Super Saver Scheme
The First Home Super Saver Scheme (FHSSS), which has applied since 1 July 2017, will
be expanded to increase the maximum amount of voluntary contributions that can be
released under the scheme from $30,000 to $50,000.
Extended Availability of New Home Guarantee
From 1st July 2021, a further 10,000 places will be made available for first home buyers
seeking to build a new home, or purchase a newly built home, with a deposit of as little as
5%.

4. Family Home Guarantee package
Single parents with a household income of less than $125,000 now only need to save a 2
per cent deposit to purchase a home. The program will support up to 10,000 single
parents with dependants over 4 years.
Capital Gains Tax removed for granny flats
There will be a Capital Gains Tax (CGT) exemption for granny flat arrangements where
there is a formal written agreement for a family member to reside on the relevant
property (either in the same home or a separate building). The exemption will apply to
arrangements with older Australians or those with a disability.

5. Downsizer Contribution now available from age 60
Previously, anyone over the age of 65 who sold their home and met certain other
conditions, could contribute up to $300,000 (per individual) into their super. This
minimum age will now be reduced to 60.
Work Test for Super Contributions
The work test is also being scrapped, which means people aged between 67 and 74 will
no longer need to work for at least 40 hours over 30 consecutive days during the financial
year before concessional or non-concessional super contributions are allowed.

6. SMSF Residency Requirements
Relaxed residency requirements for SMSF and small APRA-regulated funds (SAF) will
allow their members to continue to contribute to their superannuation fund whilst
temporarily overseas. From 1st July 2022, the central control and management test safe
harbour will be extended from two to five years, and the active member test will no
longer apply.
Pension Loans Scheme
The government will provide $21.2 million over four years from 2021-22 to improve the
uptake of the Pension Loans Scheme by providing immediate access to lump sums of
around $12,000 for singles, and $18,000 for couples.

7. Aged Care Package
The Government has announced a $17.7 billion package aimed at eliminating the home
care waiting list within two years, mandating minimum care time in residential aged care
homes and boosting the workforce. They are also adding 23,000 additional Home Care
packages to allow senior Australians to remain in their home for as long as possible.
JobSeeker
The JobSeeker payment has been increased by $50 per fortnight totalling $9.5 billion
over the next 5 years. It applies to people on the Youth Allowance, Parenting Payment,
Austudy, ABSTUDY Living Allowance, Partner Allowance, Widow Allowance, Special
Benefit and Farm Household Allowance.

8. Contact Us
+61 3 9034 4883 |
+61 402 895 593
clientservices@sfadvisory.com.au
www.sfadvisory.com.au