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 house, is the proposal to remove the $450 monthly threshold for employer superannuation guarantee (SG) liability.

During end of year planning for self-managed superannuation funds (SMSF) one way to provide distinct value for your SMSF clients is to ensure that they do not become liable to pay any unnecessary tax.

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.

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.

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.