AIST Federal Budget Wrap-up
The focus of this year’s Federal Budget was on initiatives designed to maintain and grow Australia’s post-pandemic economic recovery, which has been better than expected.
While a number of superannuation and retirement measures were announced, most of these are either changes or adjustments to existing measures. In a long-awaited move, the government will abolish $450 minimum monthly income threshold, which prevents many low paid women, in particular, from receiving compulsory super contributions.
Mel Birks, General Manager, Advocacy, provides an overview of the proposed changes including:
- Removal of $450 monthly income threshold for SG
- Lowering of eligibility age for Downsizer contributions
- Changes to First Home Saver Super Scheme
- Changes to Work test for those aged 67-74 years
Published Date: 27 May 2021