Latest News from Newealth

30 Mar 2022

2022 Australian Federal Budget

The Federal Treasurer Josh Frydenberg has handed down his fourth Budget and with all pre-election budges is it is focused on a cash splash.

A few of key opportunities include-

  • Extension of reduction in superannuation pension minimum drawdown rates– The 50% minimum drawdown rate will continue to apply in the 30 June 2023 financial year.
  • Removal of the Work Test from 1 July 2022– Individuals up to the age of 74 years can make non-concessional super contributions without meeting the Work Test.
  • Downsizer contribution from 1 July 2022– The minimum age requirement for the downsizer contribution eligibility will reduce from 65 to 60.

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