May 2021 Budget Update

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May 2021 Budget Update

As expected, this year's Federal Budget has a strong emphasis on job growth and women's security. The are some significant changes to superannuation, affecting both employers and employees.

Individuals earning less than $126,000 can expect some tax relief and there are three new or extended measures to support first home buyers.

All measures outlined are expected to commence from 1 July 2022, once they have received Royal Assent. Compared with last year's record deficit of $213.7 billion, the underlying cash deficit is projected to decrease to $161 billion as the economy continues on the path to recovery from Coronavirus.

We've divided the measures into three categories so you can select the information that is most appropriate for you:

• Superannuation
• Individuals 
• Businesses

Our aim is to make better use of your time and keep you updated on matters affecting your business and family life.

If you have any questions about how these measures affect you or your business,  please contact your Manager or Partner at Goodwin Chivas & Co.

The Goodwin Chivas & Co. team