2022 Archives - Jennings Financial Services

Federal Budget 2022

Federal Budget 2022 - Summary This year’s Federal Budget covers a range of measures aiming to reduce the pressure from increased costs of living and help people into homes. Note: These changes are proposals only and may or may not be made law. Summary Personal taxation – Cost of living tax offset: The Low and Middle Income Tax Offset (LMITO) will increase, providing an additional $420 to reduce tax payable for eligible taxpayers in the 2021/22 financial year. This offset is non-refundable and available to those earning up to $126,000 per annum. Further, LMITO was not extended, meaning it will not apply for the 2022/23 or later financial years. – Halving of fuel excise: For six months from 12:01am 30 March 2022, the excise on fuel and petroleum-based products will be halved. Whilst not a direct tax, the expectation is this should result in lower fuel prices during this period. Half the current excise on fuel and diesel will reduce [...]

Summary of Federal Budget 2021/2022

How will the Federal Budget affect you? During this year’s Federal Budget announcement Treasurer Josh Frydenberg stated “Australia is back!”. The Budget proposes positive changes to superannuation, an extension of the low and middle income tax offsets and a boost to aged care services. Summary We’ve summarised some of the key points from the Budget below but, remember, these are subject to the passing of legislation: • From 1 July 2022, if you’re aged 67 to 74 you will not be required to meet the work test to make non-concessional contributions and salary sacrifice contributions to super • From 1 July 2022, you can make downsizer super contributions if you’re age 60 and over (currently you need to be age 65 or over). • From 1 July 2022, if you’re a first home buyer you can release up to $50,000 (up from $30,000) from your voluntary super contributions to help you buy your first home. • The low and [...]