Federal Budget Report 2019-20 | Accurium

Federal Budget Report 2019-20

On Tuesday 2 April 2019, the Treasurer, Josh Frydenberg, released the Government’s 2019-20 Budget. The Accurium tech team have reviewed the Budget and prepared a summary of the key measures to be considered when working with clients.

Key measures impacting SMSFs from 1 July 2020:   

 

  • Removing the requirement for SMSFs solely in the retirement phase using the proportionate method to obtain an actuarial certificate to claim ECPI
  • Removing compulsory deemed segregation, meaning a fund with a non-retirement phase account would use the proportionate method to claim ECPI, but allows a fund to choose to employ a segregated asset strategy
  • Changes to the voluntary contributions rule where persons aged 65 and 66 are able to make voluntary contributions, including use of the bring-forward rule, without meeting the work test
  • Persons up to and including age 74 being able to receive spouse contributions

Disclaimer

This information 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, legal advice or tax 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. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. 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is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.