30 Mar 2022
2022 Australian Federal Budget
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
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.
Click to read.
At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.