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FEDERAL BUDGET 2021

FEDERAL BUDGET 2021

What you need to know

What you need to know

Download briefing paper

Last night, the Government handed down the 2021 Federal Budget. We’ve analysed the Budget proposals and you can now access our insights and analysis.

Some of the key takeaways from this budget include:

  • Removal of the work test. From 1 July 2022, individuals up to the age of 74 years will be allowed to make or receive non-concessional or salary sacrifice super contributions without meeting the work test.
  • Downsizer contribution. The Government will reduce the minimum age requirement for the downsizer contribution from 65 to 60.
  • First Home Super Saver Scheme. From 1 July 2022 the Government will increase the amount of super savings available to first home buyers from $30,000 to $50,000.
  • SMSF residency requirements. The Government will amend the SMSF residency requirements to make it easier for funds to maintain their complying status where members move overseas.
  • Complying income stream conversions. Individuals will be given two years to exit a specified range of complying retirement income stream products, such as term-allocated pensions.
  • Aged care reforms. In response to the Royal Commission into Aged Care Quality and Safety, the Government is investing $17.7 billion over five years to improve the aged care system.


We have a range of information and materials available including the FirstTech Federal Budget Briefing Paper.

Federal Budget Briefing Paper

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If you have any questions or need more information, please email the FirstTech team or call 13 18 36 Monday to Friday 9:00am – 5:30pm (AEDT).

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