An important consideration when making a superannuation contribution or when a contribution is made on behalf of a member, e.g., employer contribution, is the contribution cap consequences. Exceeding a contribution cap can lead to additional tax. So, it’s crucial to know which cap applies and how much cap space is available. Whilst there are still…
The Government has affected the removal of the work test from the superannuation contribution acceptance rules for those aged 67 to 74. This will apply from 1 July 2022.
On 10 February 2022, Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 passed both houses and will become law once the Governor General gives it Royal Assent. The Bill contained six measures, five of which were super related.
One of the measures to come out of this year’s Federal Budget and is included in a Bill recently introduced into the lower house1, is the proposal to remove the $450 monthly threshold for employer superannuation guarantee (SG) liability. Whilst this measure will expand the coverage of the SG to eligible employees earnings salary or…
One of the measures to come out of this year’s Federal Budget and is included in a Bill recently introduced into the lower house, is the proposal to remove the $450 monthly threshold for employer superannuation guarantee (SG) liability.
With a Federal election to be called next year, time is of the essence for superannuation related measures, draft legislation and Bills to be passed into law.
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.
The 2021 Federal Budget included a proposed measure that from 1 July 2022, the work test would no longer be required to be met by individuals aged 67 to 74 for voluntary contributions like non-concessional contributions and salary sacrifice contributions.
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.
As the current 2020–21 financial year draws to a close, it's time for a quick fire health check to make sure your client's SMSF finishes the year with no compliance issues or missed opportunities.
A question that is often asked is “Can I make a contribution to my super fund?”. This is the wrong question to ask. In fact, there are two questions that should be asked in relation to a superannuation contributions.
On 1 September the ATO released their awaited guidance on the transfer balance cap (TBC) assessment of commuted market linked and life expectancy (term) pensions.