The Federal Budget 2021-22 included good news for super members. Find out what it could mean for you.
Federal Budget 2021-22
19 May 2021
This year’s federal budget includes a number of announcements designed to benefit super members. The key package 'More flexibility for older Australians' contains measures to make it easier for people to contribute to super in later years, while other changes include removing the $450 per month threshold for Super Guarantee eligibility and increasing the amount of super that people can access through the First Home Super Saver Scheme.
- More flexibility for older Australians – Older Australians, including self-funded retirees, will have greater flexibility to contribute to super and more opportunities to access the equity they’ve built up in their home.
- Superannuation Guarantee – Low-income Australians, particularly working women, will have more opportunity to grow their super with the removal of the income threshold for Super Guarantee (SG) contributions and an increase in the SG rate.
- Supporting first home buyers – Those looking to get into the housing market will be able to withdraw more money from their super to put towards a home deposit.
- Other super announcements – Improving the visibility of super assets in family law proceedings and transfer of superannuation to the KiwiSaver scheme.
Keep in mind that the proposals are not yet in force, with most of the new measures earmarked to come into effect from 1 July 2022.