A plethora of superannuation law tweaks has recently been made (via recent legislative reforms) which include:
- Removing the $450 monthly super guarantee threshold.
- Reducing the eligibility age for making downsizer contributions from 65 to 60.
- Changes to facilitate the removal of the work test for those aged between 67 and 75 regarding non-concessional and salary sacrificed contributions. In addition, the bring-forward rule will now be available for people under the age of 75 (rather than 67, as is currently the case).
- Increasing the maximum releasable amount under the First Home Super Saver scheme from $30,000 to $50,000.
- Allowing super fund trustees to choose not to use the segregated assets method in certain circumstances.
Furthermore, the Government has also ‘made good’ on their promise to extend accelerated depreciation with legislation passing to allow current Temporary Full Expensing measures to continue for another 12 months (i.e., to 30 June 2023).
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For more information on how the changes to super affect your retirement savings and what you can do to make the most of them, book an appointment with one of our strategic wealth planners. Now is the time to act if you want to have a successful return.
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