Well, we just snored our way through the budget to give you this wonderful news …
Regarding tax:
- The $1080 ‘LAMITO’ offset is set to stick around for another year, woohoo.
If you need a refresher on this offset, click on the thumbnail to check out the video below.
- The $250 reduction to self-education expenses has now been removed, yes!! (date TBA)
Example Wendy wants to claim $1,000 in self-ed expenses, before the budget release she would only be able to claim $750 of her self-ed expenses due to a silly $250 reduction rule. With the new budget rules, Wendy can now claim the full $1,000 in self-ed expenses. |
In other Individual matters:
- First home super saver scheme (FHSSS) will be extended for withdrawals up to $50,000 (this used to be $30,000). See our blog on the FHSSS.
- From 1 July 2022, employers need to pay super to everyone (the $450 threshold has been removed). Great news for Casual & Part Time workers!
- Sticking to the original plan, super will be increased to 10% from July this year (a little bit of extra money for your retirement – yippee).
- New childcare subsidies will see parents with more than one child aged 5 and under benefit by adding an additional 30% subsidy for every second and third child. The $10,560 cap will also be removed, saving families a heck of a lot in childcare fees (finally).
Did you benefit from the new budget? Let us know.
Catch you round,
Lyndall