What to expect on 1 July 2021

Whilst the focus may be on 2020-21 year-end matters for SMSFs, such as contributions being receipted and minimum pensions paid by 30 June 2021, there are a number of changes taking place on 1 July 2021. In this TechHub article we summarise what is, and also what is not changing, including:

  • Indexation of the general transfer balance cap and the effect on an individual’s personal transfer balance cap.
  • Indexation of the concessional contribution cap and the effect on the non-concessional cap and bring forward rule.
  • Minimum pension payment percentages for account based and market linked pensions.
  • Increase to the Preservation Age and the Age Pension age.
  • Changes to an accounting standard that may require an SMSF to prepare general purpose financial statements, depending on the requirements of its trust deed.

To read more about these and other changes, please refer to our TechHub article “What to expect on 1 July 2021”. 

The information in this document is provided by Accurium Pty Limited ABN 13 009 492 219 (Accurium). It is factual information only and is not intended to be financial product advice, tax advice or legal advice and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. Tax is only one consideration when making a financial decision. We recommend that you seek appropriate professional advice before making any financial decisions.