On Tuesday 11 May 2021 the Treasurer, Josh Frydenberg, released the Government's 2021-22 Budget. The Budget features a number of measures that will impact pre and post retirees, including aged care clients and these measures are the focus of this analysis.
The Accurium tech team have reviewed the Budget and prepared a summary of the key measures to be considered when working with clients.
Key measures impacting SMSFs from 1 July 2021:
- Repealing the work test and extending the bring forward provisions
- 2 year amnesty for commuting legacy pensions
- Relaxing the residency requirements for SMSFs and SAFs
- Downsizer contributions extended to those who are age 60 and over
- No change to legislated Super Guarantee increase and removal of the $450 per month threshold for eligibility