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During this year’s Federal Budget announcement Treasurer Josh Frydenberg stated “Australia is back!”. The Budget proposes positive changes to superannuation, an extension of the low and middle income tax offsets and a boost to aged care services.
We’ve summarised some of the key points from the Budget below but, remember, these are subject to the passing of legislation:
Read the Federal Budget summary to find out how these proposed budget changes may affect you.
Please be aware these are only proposals and the Budget announcements still need to be passed by both the House of Representatives and the Senate before they become law.
This information is issued by IOOF Investment Management Limited (IIML), ABN 53 006 695 021, which holds Australian Financial Services Licence Number 230524 and is a summary of our understanding of the proposed Federal Budget 2021/22 changes announced on 11 May 2021. IIML is a company within the IOOF Group of companies, consisting of IOOF Holdings Limited ABN 49 100 103 722 and its related bodies corporate. The changes are subject to the passing of legislation and, accordingly, may not become law or may change. Please note that the information is based on our interpretation of the proposed changes as at the date of issue of this document. This is general advice and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should determine whether it meets your needs or seek advice from a financial planner or a registered tax agent. Examples are illustrative only and are subject to the assumptions and qualifications disclosed. If you wish to opt out of future communications, please contact us.