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2021-22 Federal Budget
The Federal Treasurer Josh Frydenberg has handed down the 2021-22 Federal Budget - a mere seven months after last year's announcement, which was postponed from May to October due to the coronavirus pandemic. This year there's a big focus on employment, infrastructure and spending initiatives in things like essential services and disability support.
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Land Tax deadline looming for trusts
Changes to Land Tax rules that came into effect on 1st July 2020 included provisions for discretionary trusts to nominate one beneficiary as the 'owner' of the property in order to avoid higher rates of Land Tax. The deadline for making those nominations is 30th June 2021. If you hold property in a trust that is subject to Land Tax, and haven't given consideration to how this will affect you, it's important that you review your situation and act before 30th June.
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Super contributions caps set to rise next year
There's good news on the horizon for superannuation investors looking to maximise their balances, with contributions caps set to rise for the first time in years on 1st July 2021. The increases have come about because of indexation provisions contained within the governing legislation.
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