40 minute read
LOCAL STORIES
Housing Affordability In Australia – A Rental Crises
By Warren Strybosch
The crisis around the affordability of rent is becoming an increasing issue for everyday Australians. Currently, the crisis is not about affording your own home but rather about the ability to afford the rise in rental costs.
With the increase in the cost of living, rental prices going up, COVID restrictions, no real increase in wages, and many investors moving back into their own investment properties, we are starting to see more and more families being displaced from their rental properties. Many people are finding it difficult to afford a home to live in. We are not talking about the ability to purchase a home but simply the ability to pay rent so you have a roof over your head.
What is housing affordability?
The term ‘housing affordability’ usually refers to the relationship between expenditure on housing (prices, mortgage payments or rents) and household incomes. The concept of housing affordability is different to the concept of ‘affordable housing’, which refers to low-income or social housing.
Affordability for owners
Housing affordability in Australia has broadly declined since the early 1980s. The OECD’s price to income ratio index shows an 82% increase between 1980 and 2021 with the house price-to-income ratio in Australia now at 10.3.50. The house price-to-rent ration in Australia is estimated at 114.4. This indicates how strongly the property market with rent prices continue to increase.
Even with Victoria’s lockdown 4.0, this has failed to dampen the auction market in Melbourne, according to CoreLogic.
The property research group’s auctions data for the week ending 30 May revealed that there were 1,264 homes taken to auction in Melbourne compared to 261 auctions held in Melbourne this time last year. Despite actions being closed due to lockdown, auctions volumes remained strong in Melbourne, while CoreLogic recorded a preliminary clearance rate of 72.8 per cent in the capital city.
Home values up almost 10 per cent over the year
The CoreLogic Daily Home Value Index has revealed that home values across the combined five capital cities have risen by 9.9 per cent year-to-date, and 9.0 per cent over the past 12 months.
(Source: Reiv, https://reiv.com.au/market-insights/victorian-insights)
Loans for investment properties continue to gain pace, while owner-occupied lending slowed in April, according to new APRA data.
The latest monthly authorised deposit-taking institution (ADI) statistics from the Australian Prudential Regulation Authority (APRA) have showed that total residents’ loans and finance leases increased by 0.2 per cent ($6 billion) over the month of April.
In home lending, owner-occupied loans grew by $6.9 billion or 0.6 per cent. However, the rate of growth continues to slow, having previously increased by 0.7 per cent ($8.3 billion) in March.
Investor lending has also continued its upward trajectory, with investment lending increasing by $2.1 billion or 0.3 per cent in April. This increased on March’s growth rate when it rose 0.2 per cent ($1.6 billion).
Even with increasing property values, investors are still purchasing a lot of the properties in the marketplace, which is placing additional pressure on those seeking their own homes and those seeking affordable rentals. With increased purchase prices, investment owners will want to see more rent being brought in even though interest rates are at historical lows.
(Source: Reiv, https://reiv.com.au/market-insights/victorian-insights)
Affordability for renters
The ABS’ Housing Occupancy and Costs publication indicates that the proportion of households which are renters has increased from 26% to 31%. In addition, the proportion of households renting from private landlords has increased from 18% to 26% over the same period.
On average, private renters spend more of their gross household income on housing costs than other tenure types. Specifically, the ABS reports private renters spent 20% of their gross household income on housing costs, compared with 16% for those with a mortgage.
The cost of renting privately has increased significantly. The ABS’ Housing Occupancy and Costs publication indicates a 62% increase in average weekly housing costs (after inflation). This compares to a 42% increase for owners with a mortgage and 45% for public renters.
(Source: Reiv, https://reiv.com.au/market-insights/victorian-insights)
This increase in rental costs is placing significant pressure on those families living in rental properties, especially, single mothers who have predominate care for the children. This ‘housing stress’ needs to be addressed by all sides of parliament.
What is housing stress?
higher income households can spend a higher proportion of their income on housing without experiencing problems, they are often excluded from these types of analyses. Consequently, a ratio of 30/40 is often used as a benchmark— that is, if households that fall in the bottom 40% by income spend more than 30% of their income on housing, they are defined as being in housing stress.
The Solution
There needs to be a way to boost the supply of affordable rental housing through innovative housing models. If the supply of affordable housing is to be increased sufficiently to meet medium- to long-term demand, then this could be met through (among other things) institutional investment in the affordable end of the residential market. The main barrier to such investment would appear to be that institutional investors have shown relatively little interest in affordable housing, largely due to perceptions of risk and affordable housing’s comparatively low returns. If investors’ reluctance is to be overcome, then it is likely that this will require government incentives and the introduction of some form of financial instrument (like the discontinued National Rental Affordability Scheme).
Pre-approvals
By Jodie Moore
When it comes to buying a new home and getting a home loan, it can be difficult to get the two to match up timewise. Many lenders are currently taking weeks, sometimes even 1-2 months to look at a home loan application which doesn’t help you when you sign a contract for a new house with only a 2-4 week finance clause.
By starting the home loan process before you even begin looking to buy a property, you can usually reduce the time for an approval with the added benefit of knowing before you start looking what amount lenders would be willing to lend to you.
A pre-approval also shows sellers that you are serious about buying and know that you can afford the property. You often find that a seller will accept an offer from someone who has a pre-approval in place ahead of someone who has not started their finance application yet.
What is involved in a Pre-approval?
The process is the same as if you wanted the home loan unconditionally approved in that you will need to supply your income/employment details, everyday living expense details etc. The main difference is that you cannot yet provide details of the property for them to decide if it is a safe risk for them to use as security on your loan. Once you find a property, the lender will do a valuation on the property to ensure you have not paid too much for it, which increases the risk, to what you have offered. Many lenders will provide a pre-approval based on the figures you supply without doing any checks. This can come back to burn you though if they then find something they do not like in your application and subsequently decline your application after you have found the property. Ideally you want to find a lender who does a full check of your details and paperwork before offering a pre-approval so that the only detail missing is the property details. Your Mortgage Broker will be able to help you find the right lender or will advise what will be required once you have found your new home.
If you are thinking about buying a new home within the next six months, call me and let’s make sure you have the best chance of getting the right loan for you.
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Home Elusive Home
I've been joking with my friends that house hunting for a rental isn't too different from online dating. It's endless scrolling through promising options only to find out that the photos are very old or the size of the "property" is conveniently skewed. Laughing about it seems like a much better alternative to crying. Even so, there have been tears these past few weeks since finding out that my landlords are moving back in.
Despite having braced myself for the announcement and telling myself that this time I wouldn't allow myself to be overcome with anxiety, the consuming squeeze instantly returned and my lungs felt as if they lost 80% capacity. You see, I've already had to find a new home three times in the 9 years of being a solo mum in Melbourne, and honestly, I don't know if I have it in me to face the harsh process yet again.
This is what people don't seem to realise. I'm not "house hunting". I am in fact searching for a 'home' for me and my two teenage daughters and there is a big difference. An investment property can be referred to as a house. As can a building that is purely going to be functional. However, that's not what I'm looking for.
I want a home for me and my kids. A home where we create memories for the next chapter and a place that we will look back on as part of our story. I want my next home to reflect who we are. Aesthetics are really important to us. So is light. So is smell. So is greenery and the lack of noise. Looking at rentals that fit my budget means that I need to overlook those really important aspects as to what makes a home for us. And sadly, even if I apply for one of these lacklustre properties, it's highly unlikely that I will be accepted as a tenant. to find something, and even then, it was because of a connection to a friend with a house and not an agency that accepted us. Apparently not being partnered means that my application gets put at the bottom of the pile. In fact, last time when I was searching there was a landlord that preferred having his house empty for 6 weeks over Christmas instead of taking a risk with a single mum, even when I offered to pay two months of rent in advance.
When other solo mothers hear that I'm trying to find a rental they all say that it's impossible unless I ask a man to sign the application form with me, pretending to be my partner. I'd be lying if I said that I hadn't considered it. But honestly I don't even know who I would ask for such an uncomfortable favour and I seriously doubt that there are many men out there who would feel confident stepping in with someone unless it was a really close friendship.
It's almost impossible not to feel hopeless about the situation and I keep daydreaming about ways to circumvent the system. I have a few helpful friends sending me links to co-ops and shared housing programs but everything has a long waiting list and even the best case scenario means that I'll have months of being homeless until a place becomes available.
This past weekend I met a 70 year old woman, who like me, has spent most of her adult life as a solo parent. I stepped into her sunny home surrounded by a gorgeous patio full of thriving plants and flowers. Her living room was painted yellow and she had art and posters on the walls that indicated a vibrant and rich life. I could totally picture myself
living in a home like this and asked her if she owned it. It turned out that she did and went on to explain that she was very very lucky. Apparently when she was a young mum trying to find a rental for herself and her daughter, the government set up a scheme where solo parents only had to save up for a very reasonable deposit and then their mortgage repayments were capped - no higher than 25% of income. I could hear myself sighing as she told me what this had meant for her at the time. No more dreaded moves, an opportunity to grow roots, find connection with her local community, and the opportunity to create long term friendships with her neighbours.
I don't even allow myself to dream about belonging to a place that reflects who we are as a family.
Sometimes I think back to when I was going through my divorce and how much I had hoped that there was a way for me and my four children to be able to stay in our home. If I had known then how difficult it would be to find rentals in Melbourne would I have tried harder to gain ownership of our house? In only 9 years the house I used to own has doubled in value for my ex-husband while I'm now attempting to find our fourth home to rent. It really isn't a fair system and something that our leaders should be prioritising to change.
While we wait for that to happen I really hope that landlords realise how challenging it is for us solo parents to find homes for ourselves and our children. As well as understand what a huge impact they can have by choosing a solo parent as their future tenant even if it means not having the security of two incomes on the application. The long term impact on a solo parent and their children is a beautiful contribution to a kinder and safer society that all of us will ultimately benefit from.
Moving House Not What You Expect
By Susan Pierotti
A family of mum, dad and two adult sisters was renting a house in Croydon which was sold in November 2020. They had six months to find somewhere. Sounds easy? Nope!
They began their search immediately, contacting real estate agents in the Croydon, Ringwood, Warrenwood and Wonga Park areas. They found it difficult even to find a home that could fit 5 adults in, their 26-year-old son now moving back in with them to help pay the rent. Their research discovered homes that looked good on paper or on the internet but weren’t quite right in reality. One house looked lovely from the front, with views over the Dandenongs at the back. However, the bathrooms and bedrooms at the back overlooked other properties and had obligatory frosted windows that blocked views and light. Another had a kitchens and bathrooms that were shoddy. Others were smaller than the photos implied. The house they eventually were able to rent (finding it five and a half months after they started looking) is in a court with not much room for the garbage truck to turn around. All the other dwellings customarily dump their rubbish bins on this family’s nature strip. That wasn’t in the real estate agent’s report!
One Quarter Of Vaccines Sitting Unused
Paul Osborne (Australian Associated Press)
New figures show almost a quarter of all available doses of the COVID-19 vaccines are not being used.
The federal health department on Monday released data comparing the availability of vaccine doses and the number of jabs delivered.
Nationally, dose utilisation as of week 12 of the vaccine rollout was 77 per cent.
The Northern Territory had the worst lag of all the jurisdictions, with 47,652 doses available and 22,953 administered, giving it a utilisation rate of just 58 per cent.
Queensland was the worst performing state, with 317,810 doses available and 170,330 delivered – or a usage rate of 64 per cent.
Across the other states and territories rates were:
NSW (78
Victoria (77 per cent)
WA (80 per cent)
SA (79 per cent)
ACT (82 per cent).
The health department found all doses available for the aged and disability care program were being used, while the commonwealth primary care program was at 75 per cent utilisation. So far, 3.1 million doses have been administered nationally. Health Minister Greg Hunt said some adjustments may be needed in the states and territories. “We are encouraging all the states and territories – who we believe are doing an excellent job – to continue to use their vaccines,” he told reporters in Melbourne.
“And where they feel that they have more capacity to open up channels, or where they feel they are using their capacity, to adjust their ordering.”
Commodore Eric Young from the Vaccine Operations Centre said utilisation rates had dropped when the vaccine program was “recalibrated”. But the rates were now improving, he said.
SUPPORTING RETIREES:
By Warren Strybosch
On the 29th of May, the Morrison Government announced an extension of the temporary reduction in superannuation minimum drawdown rates for a further year to 30 June 2022.
As part of the response to the coronavirus pandemic, the Government responded immediately and reduced the superannuation minimum drawdown rates by 50 per cent for the 2019-20 and 2020-21 income years, ending on 30 June 2021.
The announcement extends that reduction to the 2021-22 income year and continues to make life easier for our retirees by giving them more flexibility and choice in their retirement.
For many retirees, the significant losses in financial markets as a result of the COVID-19 crisis are still having a negative effect on the account balance of their superannuation pension.
This extension builds on the additional flexibility announced in the 2021-22 Budget.
The Morrison Government will continue to support retirees as part of our plan to secure Australia’s economic recovery from COVID-19.
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Croydon Heroes And Iconic Places
NATURE & CONSERVATION
By CSS Committee Member
Jim Burns is an iconic figure in Croydon. His pharmacy on the corner of Main St and Devon Avenue is the life line for many in our community. For many decades Jim has divided his time between service to the community through a drug rehabilitation clinic, being an active reserve Army member, and for more than fifty years being a committee member of Croydon Conservation Society. He is passionate about Croydon, it’s community and holding dearly the community connections and the environment that we enjoy. Recently he was honoured with street art to acknowledge him often being the first person to go to in need of help, hence the concept of the band-aid.
The Memorial Pool
With Jim Burns being deservedly recognised for his life of kindness and responsibility, I'd like to bring up a topic that is dear to his heart.
Do you know why the Croydon outdoor pool is called the Memorial Pool? It's because after the World Wars the people, groups and businesses of Croydon donated money to build a pool for the whole community.
The Council broke the back of the pool several years ago in an effort to save money, they got the deep end filled with concrete after removing the diving tower. They are now keen to shut the pool down and remove it from the people who paid for it.
The Memorial pool is not only a hole in the ground filled with water; it's a natural gathering place for rich life experiences that many of you remember.
Here's a response I sent to Council. The words were developed after speaking with Jim and other members of the Croydon Conservation Society. I hope this might strike a chord with anyone who's grandparents and parents fought in the Wars for the benefit of all and came back to build a pool for the benefit of all.
"Croydon Memorial Pool - do we need it when there's a chlorinated hot pool over the road?
Let's start by asking, who paid for the Memorial pool? What significance does it have to the local people who paid for it after the Wars with donations from individuals, retail traders and community groups? What role does the Croydon Memorial Pool hold for the people who use it and learnt to swim there with their schools? Would closing the pool add to the growing forgetting of "Lest we forget?" in the same way as shifting the War Memorial to a less prominent place?
Are there people in the community who will fight to protect the asset they created out of nothing? Are these same people still angry that the pool was destroyed by an ill- advised attempt to make it shallower? Do dark, noisy, extremely chlorinated indoor pools provide the same kind of natural, gentle, coming of age experiences as a beautiful outdoor pool surrounded by grass and trees, rich with the sweet smells of sunshine, suntan lotion and puberty?
If, despite objections, the pool is incorrectly seen as an unnecessary expense, will the land it's on be made into a War Memorial park that retains the trees and provides a picnic area and perhaps some BBQs in attractive shelters? Will the War Memorial, currently in pride of place in the Croydon roundabout, be placed in the centre of a new garden with the names of local people who gave their lives in the great wars for our way of life?
Will there be a large water fountain where children can play chicken with jets of cool water that race in complex patterns that, with enough observation, can be learned so kids can broaden their problem solving and pattern recognition as well as enriching their hearts with the joy of play? Will the fountain be programmable so schools can create their own displays? On hot days, will the park be a beautiful cool place for families and teens to gather to cool down and be in nature together? In autumn, will the trees gradually give over their green umbrella to glorious colours reminding of us of our lost soldiers and letting the low sun warm the ground? On cold days will the Gridiron players who fought their sporting wargame in the paddock next door, gather for BBQs and beers on the crazy paving? In spring, will new life flourish again? The Memorial Pool is not just a hole in the ground. It is a valuable piece of Croydon history."
If you've read this far, thank you for your time. Consider making your opinions known to your local Councilor and keep making a difference in Croydon. https://monumentaustralia.org.au/.../Croydon_Memorial...
Where do you stand on the possibility of losing the outdoor pool while the Croydon Wellbeing precinct plans are being drawn up? You can contact your local Councillor and make you opinion count. It’s as easy as writing to all Councillors via an email addressed to All Councillors maroondah@maroondah.vic.gov.au
Second Recycle Bin
By Kim Dixon
It came to my attention last week that residents who resided in the Maroondah Council area were entitled to a second recycle bin.
At first I was a little sceptical, but rang their 1300 number and spoke to a lovely call taker. She informed me that yes, we were entitled to a second recycle bin and that it would be delivered the week of my next rubbish collection.
My collection day was the Monday, the same day I rang the council, and my bin was delivered Wednesday morning.
Fantastic service by Maroondah Council.
Birt Lavis - Heathmont Icon
HERITAGE & HISTORY
By Russ Haines
Bert Lavis played a key role in Ringwood’s history, not only as well-known citizen, shop-owner and Councillor, but as first Mayor of the City of Ringwood.
EARLY YEARS
Albert George Lavis was born in Bristol, England in early 1906, the son of Fred Albert Lavis and Florence Marion Nokes. Following WWI, in 1921, the family migrated to Australia and landed in Melbourne on 8th December. Bert was only 15 years old at the time and his younger sister, Kathleen, was 11.
He met Audrey Andrewartha and married her on 3rd August 1935 in South Australia. His parents settled in the CamberwellBalwyn area. His mother died in 1963 and his father ten years later.
COMING TO RINGWOOD
In 1947 the Lavis’, with friends, bought 25 acres in Canterbury Road opposite Heathmont Park from Mr Sell for £2000. The land stretched from Canterbury Road to Reilly Street, the southern boundary of Jubilee Park, and Wantirna Road to the west.
COUNCIL LIFE
Bert was nominated for the South Ward of Ringwood Council to fill the vacancy caused by the retirement of Cr. Barry Smith. He canvassed 255 houses in the South Ward, was elected and served as a Councillor from August 1951 to 1967. He was also Mayor in 1956/57 and 1959/60.
He had the glorious duty of being the inaugural Mayor of Ringwood on 9th March, 1960 when His Excellency, the Governor of Victoria, General Sir Dallas Brooks, proclaimed Ringwood as a City (see photo above on left). During the week there were celebrations with the Pageant of Progress. On Saturday, there were more than 60 floats in a pageant (see photo above on right), a carnival and the Proclamation Ball in the town hall. Special Church services were held on Sunday.
In those days, Mayors used own cars, provided supper and paid for wet cupboard and all other expenses. The first time the allowance was £250, the second £850 and Bert had to pay for the Mayoral Ball each year.
PRIVATE LIFE
Bert ran a hardware store for many years at 155 Canterbury Road, Heathmont, not far from his property. It was a purposebuilt shop and was located on the west end of Heathmont, opposite Dickasons Road.
OTHER MEMORIES
Bert and Audrey Lavis lived at 263 Canterbury Road Heathmont, near Jarma Road, the property being sold by the family in 2002 by CE Carter. It was part of his original estate and now accommodates town houses. The shopping centre on the West side of the railway line contained Marden’s Post Office and a small grocery store, with Mr. Cutting’s grocery store on corner. Mrs Byrne owned a brick pair of buildings and built two shops in front – the E.S.&A. Bank occupied one and the Lavis hardware store in the other.
When Canterbury Road became a highway 20 feet was taken from the nature strips on either side, 3 lanes of traffic divided by a median strip, with footpaths and road made. Traffic had increased tremendously.
Bert bought land next to the Post Office and sold the block for a butchers shop, and built two-storey building as a hardware store – upstairs was a doctor, hairdresser and an estate agent. It was sold in 1966.
The Heathmont Football Club named their pavilion the A.G. Lavis Pavilion, the first ever to be named after a Councillor. He continued on Council until 1967, as well as sitting on Bench as Justice of Peace for many years. He was Life Governor and Secretary of Lionswood Village and continued with community activities both in Ringwood and Heathmont. A wing in Lionsbrae Retirement Village is named after his honour. He was connected with Heathmont Scouts for many years and awarded a badge for service. He died on the 1st July 1984 after a very serviceable and fulfilling life.
Victorian Labor Government – New Taxes And Increased Stamp Duty
By Warren Strybosch
Days after the Victorian government announced that it will increase stamp duty and land tax across the state, the Shadow Treasurer of Labor, Jim Chalmers, came out stating that Federal Labor will aim to abolish stamp duty and land tax. Either the Labor leaders are not talking to each other or the Victorian Labor leader, Dan, has decided to try and get a few more bucks out of the Victorian people before this opportunity runs dry. Maybe the Labor Federal leaders just don’t like how Dan is running the show? After all, they did overturn the China Road project that Dan wanted to implement in Victoria even though it was against Australia’s public security interests.
This is not the first time Dan has opposed his counterparts in Canberra and opted for Victorians to pay more taxes. Does anyone remember that Victorians could have paid less in tolls if Dan had accepted the federal governments hand out but he elected not to?
So, what are these new taxes that Dan is wanting to introduce to Victorians at a time where families are doing it tough during COVID?
1. Payroll tax changes
All businesses will national payroll taxes greater than $10 million will have to start paying a payroll tax surcharge of 0.5% (raising the rate from 4.85% to 5.35%), whilst national payrolls above $100 million will have to pay a surcharge of 1%. The
Business Council of Australia has come out and stated that this a tax on jobs and once again business owners will have to flip the bill for
Labor’s spending habits.
2. Transfer duty rate changes
With a lot of properties now worth over $2 million dollars, Labor sees this as a good place to make some additional money. From 1st July, 2021, all property transactions over $2 million will be taxed a higher transfer rate of 6.5% of the dutiable value in excess of $2 million. This sends a strong message to all that Labor will continue to tax those who own property. Yep, realise the Australian dream of owning a property but the
Labor government will take their fair share of your dream with them.
3. Windfall gain tax
The newest tax on the block, is the ‘windfall gain tax’. This will hit developers and land holders who will receive windfall gains when their properties are rezoned. In the past, if a property was rezoned, there was not tax on the potential gain but now there will be. Any gain over $500,000 will receive a 50 per cent tax. Where in the world are property developers, including Mum & Dad developers, going to come up with $250,000 plus to pay in tax when they may not have sold the property? This will simply result in property prices increasing to cover this tax which is supposedly against Labor’s policy of trying to make housing more affordable.
4. Land tax
Land taxes are set to rise by 0.25% for taxable landholdings worth more than $1.8m and 0.3% for landholdings over $3m. Let’s face it, with increases in property prices, anyone owning an investment property is likely to be faced with additional land tax. This increased tax is on top of the Foreign Land Tax Surcharge and Absentee Owner Surcharge that certain landholders are required to pay.
Whilst Victorians are still struggling with COVID and the continued lockdowns, with job losses and businesses struggling to keep their staff on, the Victorian Labor government believes it is a good time to introduce higher taxes and more taxes to those who own a business and/or own land.
Labor use to represent the battlers but since those battlers have made a go of it for themselves, with hard work and grim determination, Labor now thinks it is appropriate to expect those same battlers to pay higher taxes for simply succeeding in life. What does Labor stand for anymore?
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When live music returns... Celebrated pianist Ian Munro makes his Great Performers debut, showcasing inspired repertoire from Romantic masters, plus a new work of his own.
Ian Munro is one of Australia’s most distinguished artists, in demand as both a performer and composer. His gifted range and sensitivity at the piano makes him a great partner to even the most emotionally complex repertoire. For this solo recital, hear imaginative Romantic piano works by Mendelssohn and Rachmaninoff, plus Ian’s startling and personal new work, Moscow 1986.
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Wed 16 June 7.30pm
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Fri 11 Jun 7pm
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Thu 24 Jun 11am & 2pm
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2021/22 Federal Budget Technical Bulletin
Highlights from this year’s Federal Budget include the relaxing of superannuation contribution rules, an extension of tax savings for individuals and small business and a $17.7 billion boost to aged care spending.
Important note: The measures outlined below are proposals only until legislated and are subject to change.
Summary
Superannuation Tax Social Security Aged Care
• Work test removed for those 67-74 making non-concessional and salary sacrifice contributions
• Expanding bring forward rules to 67-74 year olds • Downsizer contribution age reduced to 60 • Removal of minimum
Super Guarantee threshold
• More super available for first home buyers • Chance to exit some legacy retirement products • Low and middle income tax offset retained
• Extension of 100% asset write-off for businesses
• Additonal year for companies to carry back losses to apply against past profits • Tax residency test simplified • Freeze on Medicare surcharge and private health rebate thresholds • Pension loan scheme to allow lump sum payments • More child care support for familes with higher incomes and multiple children • $17.7 billion additional spending over 4 years • 80,000 new homecare packages • No new fees announced for aged care residents
Superannuation
The Government has announced a range of measures this year relating to superannuation. The commencement date for these changes is 1 July of the year after the proposals have become law with the likely start date to be 1 July 2022.
Removal of the work test for some contributions
Currently, if you wish to make a personal contribution to super from age 67 to 74, you must meet a work test (or qualify for the work test exemption) before the contribution can be made. The work test requirement will no longer apply for this age group when making: • Salary sacrifice contributions • Non-concessional (after tax) contributions The requirement to satisfy a work test will continue to apply to those 67-74 who make personal contributions and claim a tax deduction.
The ability to access the bring forward arrangements for nonconcessional contributions where up to $330,000(2021-22) can be contributed will extend to those 67-74 years of age (currently available to those under 65).
$450 per month super guarantee threshold abolished
Employers will be required to pay super guarantee contributions to all employees over age 18 irrespective of how much they earn in the month.
CASE STUDY
Freya has two casual jobs earning about $400 per month from each. Currently, she receives no super support from her employers as she earns less than $450 per month per employer however this measure will require both employers to start contributing to super on Freya’s behalf – that’s nearly $1,000 per year in super.
Downsizer contributions available from age 60
The ability to make a downsizer contribution to super when selling your home will extend to those 60 years and over (currently must be 65+) allowing many more to take advantage of an extra $300,000 per person to be invested in super. Combining this measure with the non-concessional bring forward rules outlined above, those aged 60 to 74 and selling a home will have the opportunity to contribute up to $630,000 per person (or $1.26 million as a couple) into super without exceeding any caps.
First home super saver scheme boost
The amount of voluntary super contributions that can be withdrawn to help purchase your first home will increase from $30,000 to $50,000. The annual contribution limit for this scheme will remain at $15,000.
Those looking to commute their restrictive legacy retirement products that were purchased before 20 September 2007 (often referred to as ‘complying’ products) will have the opportunity to roll back these funds to super, commence a new income stream or withdraw the funds from super altogether. The types of products impacted under this measure include term allocated pensions (TAPs), marketlinked, life expectancy and lifetime income streams including those provided by self-managed super funds (SMSFs).
Super announcements NOT included in the budget
The two standout measures that were not addressed in the budget and will therefore proceed as legislated include: • The compulsory super guarantee contribution rate will increase from 9.5% to 10% from 1 July 2021. • The temporary 50% reduction in minimum pension payments will cease from 1 July 2021 with minimum payments returning to standard rates as outlined below.
Age
Under 65 65-74 75-79 80-84 85-89 90-94 95 or over
Standard minimum rate (%)
4 5 6 7 9 11 14
Tax
Low and middle income tax offset (LMITO) to stay for another year
The LMITO, which provides a tax offset of up to $1,080, was due to cease on 30 June 2021. This tax benefit will now be extended until 30 June 2022. The offset is automatically calculated when you lodge your income tax return.
Tax residency rules simplified
Currently, four (often conflicting) tests are used to determine if you are an Australian tax resident for income tax purposes. The Government has proposed to simplify this system by applying one primary test - an Australian tax resident is someone who has physically been in Australia for at least 183 days in the financial year. Additional secondary tests may be used for those who do not meet the primary test.
Small business tax concessions extended 12 months
Businesses will continue to benefit from two significant concessions announced last year as follows: • Eligible businesses with annual turnover less than $5 billion will be able to deduct the full cost of depreciable assets first used or installed before 30 June 2023.
• Eligible companies can carry back losses for another year being the 2022-23 year to offset against profits in 201819 or later years.
The single and family thresholds used to determine if the Medicare Levy surcharge is payable and the private health insurance rebate available, will remain at current levels for 2021-22.
Social security and aged care
Pension loan scheme to offer lump sums
The pension loan scheme is a reverse mortgage style scheme provided by the Government to allow you to receive fortnightly payments using the equity in your home. The regular instalments are limited to 150% of the maximum rate of Age Pension. From 1 July 2022, it has been proposed to extend this scheme to allow up to 50% of the maximum annual rate of pension to be received as a lump sum (limited to two lump sum payments in 12 months). The maximum lump sum payments based on current pension rates will be: • • $12,385 for singles $18,670 combined for couples Special Tax
Return Offer
Boost in aged care funding From 1 July 2022, it has been proposed to extend this scheme A range of aged care measures were announced with the Government projected to spend $17.7 billion over the to allow up to 50% of the maximum annual rate of pension to be received as a lump sum (limited to two lump sum payments next four years. A further 80,000 homecare packages will in 12 months). The maximum lump sum payments based on become available to help reduce the current waiting list for current pension rates will be: care packages (estimated to be approximately 96,000). The • $12,385 for singles Government will pay an additional $10 per day Basic Daily Fee • $18,670 combined for couples Supplement for every resident in residential aged care, paid directly to the aged care provider. No new resident fees were Boost in aged care funding announced in this budget.
A range of aged care measures were announced with the Government projected to spend $17.7 billion over the next four years. A further 80,000 homecare packages will become available to help reduce the current waiting list for care packages (estimated to be approximately 96,000). The
Fee Supplement for every resident in residential aged care, paid directly to the aged care provider. No new resident fees were announced in this budget.
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