This year’s Federal Budget covers a range of measures aiming to reduce the pressure from increased costs of living and help more people into homes. Note: These changes are proposals only and may or may not be made law Summary Personal taxation • Cost of living tax offset: The Low and Middle Income Tax Offset (LMITO) will increase, providing an additional $420 to reduce tax payable for eligible taxpayers in the 2021/22 financial year. This offset is non-refundable and availa

This year’s Federal Budget cost-of-living relief, job growth and women’s security. The key measures that you should be aware of as an SMSF trustee are outlined below. Should you wish to discuss how these may impact your personal circumstances or retirement plans please contact me to arrange a time to chat. Extension of the temporary reduction in superannuation minimum draw down rates The Government has extended the 50 per cent reduction of the superannuation minimum drawdown