Budget 2021-2022
Personal Taxation
Self-education expenses $250 threshold to be removed.
The Low and Middle Income Tax Offset (LMITO) will be extended for another year.
| Taxable income | Offset |
| $37,000 or less | $255 |
| Between $37,001 and $48,000 | $255 plus 7.5 cents for every dollar above $37,000 up to a maximum of $1,080 |
| Between $48,001 and $90,000 | $1,080 |
| Between $90,001 and $126,000 | $1,080 minus 3 cents for every dollar of the amounts above $90,000 |
Business Taxation
The Government will extend the temporary full expensing measure until 30 June 2023.
Superannuation
The superannuation contributions work test exemption will be repealed for voluntary non-concessional, and salary sacrificed contributions for those aged 67 to 74 from 1 July 2022.
The Superannuation Guarantee (SG) $450 per month eligibility threshold will be removed from 1 July 2022. Employers will be required to make quarterly SG contributions on behalf of such low-income employees earning less than $450 per month (unless another Super Guarantee exemption applies).
The SG rate will increase from 9.5% to 10% from 1 July 2021.
The minimum eligibility age to make downsizer contributions into superannuation will be lowered to age 60 (down from age 65) from 1 July 2022.
The maximum amount of voluntary superannuation contributions that can be released under the First Home Super Saver (FHSS) scheme will be increased from $30,000 to $50,000 from 1 July 2022.
