2021 Federal Budget Analysis By Experien Financial Services

Treasurer Josh Frydenberg’s second pandemic Budget, and possibly his last before the next federal election, is a big spending Budget aimed squarely at a swift economic recovery.

As widely tipped, the focus is on jobs, aged care, childcare, women and first -home buyers with some superannuation and tax sweeteners added for good measure.

Some of the key takeaways from this budget include:


  1. 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.
  2. Bring forward Non-Concessional contributions. Individuals in the 67-74 age group will now be able to utilise this feature
  3. Superannuation Guarantee threshold. Removal of the current $450 per month minimum income threshold
  4. Downsizer contribution. The minimum age requirement for the downsizer contribution will be reduced from 65 to 60.
  5. 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.
  6. SMSF residency requirements. The Government will amend the SMSF residency requirements to make it easier for funds to maintain their complying status when members move overseas.
  7. 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.
  8. 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.


  1. Low and middle income tax offset. Will be extended for an additional 12 months
  2. Businesses. Tax relief, including extension of the instant asset write-off provisions.

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This information is current as at May 2021. This article is intended to provide general information only and has been prepared without taking into account any particular person’s objectives, financial situation or needs (‘circumstances’). Before acting on such information, you should consider its appropriateness, taking into account your circumstances and obtain your own independent financial, legal or tax advice. You should read the relevant Product Disclosure Statement (PDS) before making any decision about a product. While all care has been taken to ensure the information is accurate and reliable, to the maximum extent the law permits, Experien Insurance Services and its related bodies corporate, or each of their directors, officers, employees, contractors or agents, will not assume liability to any person for any error or omission in this material however caused, nor be responsible for any loss or damage suffered, sustained or incurred by any person who either does, or omits to do, anything in reliance on the information contained herein.