SMSF

The reduced eligibility age to make a downsizer contribution from age 55 is now law, with the Treasury Laws Amendment (2022 Measures No. 2) Bill receiving royal assent on 12 December.

Recent legislation introduced into Parliament will increase the Commonwealth Seniors Health Card (CSHC) income test.

Pending the passage of legislation, the income limits for the Commonwealth Seniors Health Card are set to increase.

Employers intending to claim a tax deduction in 2021/22 for employees’ June 2022 quarter super contributions should make payment ASAP to allow time for contributions to be processed through the superannuation clearing house and allocated to employee super accounts.  

From 1 July 2022, if you’re a first home buyer you can release up to $50,000 from your voluntary super contributions to help you buy your first home.

From 1 July 2022 the $450 per month threshold for SG eligibility will be removed. The change will expand the coverage of SG to eligible employees regardless of their monthly pay.

From 1 July 2022 members under 75 years of age will no longer have to meet the work test to make non-concessional contributions.

Superannuation changes by the Government were proposed in March's Federal Budget and come into effect from 1 July this year.

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.