Staying up to date with legislative changes to superannuation is important to ensure your compliance but also to help you take advantage of superannuation as part of a well-considered wealth management strategy.
Earlier this month, we received clarity on several 2022 superannuation updates that will come into effect in a few months time. In this article, George Karavias, BlueRock’s Director of Private Clients & SMSF, details the superannuation updates you need to get across before they come into effect.
From 1 July 2022, the following superannuation updates will come into effect:
Superannuation Update 1: Changes to Income Threshold
The $450 income threshold for employees earning salary or wages will be removed.
Superannuation Update 2: First Home Super Saver Scheme
Under the First Home Super Saver Scheme, the amount eligible for release will increase from $30,000 to $50,000.
Superannuation Update 3: Reduction to Downsizer Contribution Age
The Downsizer Contribution eligibility age will decrease from age 65 to 60.
Superannuation Update 4: Non-Concessional Contribution Rules
The reform of non-concessional contribution rules for super members aged between 65 and 75 has worked to not only remove the work test, but also extend the bring forward concessions.
Superannuation Update 5: Exempt Current Pension Income
Trustees of funds with no disregarded small fund assets will be able to choose their preferred method of calculating exempt current pension income when they have member interests in both accumulation and retirement phases for part (but not all) of the relevant income year.
For more clarity on the above superannuation updates and an in-depth explanation of what they could mean for you and your individual superannuation investment strategy, please get in touch with our Melbourne-based SMSF accountants for a free consultation today.
