Super, tax and retiree announcements
Josh Frydenberg delivered his fourth federal budget on 29 March 2022. The budget normally happens in early May but was brought forward this year due to the upcoming federal election.
Many readers will be relieved that there were no big superannuation changes announced. There were just two measures directly related to super, and both of these had previously been announced.
It was announced on 25 March that the 50% reduction of the minimum pension drawdown rates (in place since the start of the pandemic) would be extended for the 2022–23 financial year.
The amount releasable through the First Home Super Saver Scheme has increased from $30,000 to $50,000, but this was already announced in last year’s budget.
There are also several ‘cost of living’ measures including a one-off tax offset of $420 that benefits 10 million Australians, a one-off $250 Cost of Living Payment for 6 million Australians (including pensioners) and a 22.1 cent reduction in the fuel excise, which should be passed straight through to petrol and diesel prices. Also announced is a lowering of the safety net threshold for the Pharmaceutical Benefits Scheme that would benefit concessional and general patients.
Click the article link below for more detail about all these announcements.
2022 Federal Budget overview: Super, tax and retiree announcements
It was a quiet night for superannuation, but the Federal Budget provided some ‘cost of living’ announcements that could give millions of Australians a cash boost over the coming months.
