Blog

Treasury confirms super boost for those approaching 75

Treasury has confirmed that the proposed increase to the cut-off age from 67 to 75 for the bring forward rule for non-concession contributions will allow individuals approaching 75 years of age to bring forward non-concessional contributions from future years (i.e. during which they will be aged 75 years or over). This is contrary to the initial intent of the proposed change and provides an opportunity for those approaching 75 to boost their retirement savings.

Draft legislation for other super measures introduced to Parliament

In addition to the ECPI choice of calculation measure and introducing the ‘work test’ for personal deductible superannuation contributions, Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021, introduced to the lower house on October 27, 2021, included a number of other superannuation related matters.

Accurium joins CountPlus network

Accurium is delighted to announce it will be joining the CountPlus network. As of 1 November 2021, Key Management Personnel at Accurium together with CountPlus Limited will acquire Accurium from its current owners, Challenger Limited.

Ruling on non-arms length expenditure finalised

Nearly two years since the ATO released their draft ruling LCR 2019/D3 to clarify how the 1 July 2018 amendments were to be applied in respect of NALE, we see the release of the final version of the ruling, as LCR 2020/2. The final version of the ruling was expected to address issues raised in many submissions by industry on the draft ruling and whilst it has addressed these issues, not all will be satisfied with the ATO’s responses. In particular, the ATO’s response to the issue of whether there is a nexus between expenditure that is general in nature and all of the fund’s income is not the outcome that industry has welcomed.

ECPI redundant certificate Bill introduced to Parliament, but what about choice?

Treasury Laws Amendment (2021 Measures No.6) Bill 2021 was introduced into the lower house on 11 August 2021. Schedule 3 to the Bill amends the 1997 Tax Act to remove the requirement for SMSFs and Small APRA Funds to obtain an actuarial certificate when calculating exempt current pension income (ECPI), where all members of the fund are fully in retirement phase for all of the income year.

Release of retirement income covenant position paper

The Government committed in the 2018-19 Budget to introducing a retirement income covenant for superannuation trustees and consulted on the covenant in June 2018. Treasury released a position paper on 19 July 2021 that reflects the feedback from that consultation process and presents the Government’s refined policy, with the aim of guiding trustees ahead of the covenant being legislated and taking effect from 1 July 2022.