A strong Budget for SMSFs | 2021 – 2022 Federal Budget Summary

May 2021

Peter Burgess, Deputy CEO / Director of Policy & Education, SMSF Association

As expected, the 2021-2022 Federal Budget has a strong emphasis on job growth and women’s security. From an SMSF perspective, after a few quiet Budgets, there were some welcome surprises for the SMSF investors in this year’s Federal Budget.

The following is a brief summary of the key changes relevant to the SMSF sector, including:

  • Repealing the work test for voluntary contributions  
  • Reducing the eligibility age for downsizer contributions 
  • Relaxing residency requirements for SMSFs 
  • Legacy retirement product conversions 
  • Removing the $450 per month threshold for superannuation guarantee eligibility 

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