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From 1 July 2021, self-managed super funds (SMSF) and small APRA funds (SAFs) will be able to have up to six members. It is important to seek professional advice and check State or Territory law restrictions before registering or expanding your fund.

If you are receiving a pension from your SMSF your minimum annual pension payment for 2021/22 will be re-calculated upon finalisation of the 2020/21 financial accounts and you will be notified of the relevant amount to withdraw before 30 June 2022. A temporary reduction of 50% of the minimum pension drawdown applies for the 2021/22 financial year due to the Covid-19 pandemic.

Concessional contributions are before-tax contributions that include both employer contributions and personal contributions for which a person may be eligible to claim a tax deduction in their personal income tax return. The concessional contribution limit is $27,500 for 2021/22.