The SMSF Association has released a white-label document for use by its members outlining the raft of changes to superannuation contributions that are set to take effect from 1 July and how the measures may be of benefit to their clients.
The three-page document outlines the benefits to SMSF members in regards to changes that were announced in the 2021 federal budget, but are due to take effect from the start of the next financial year.
These changes include the removal of the work test for people up to age 74 when making voluntary, non-deductible contributions, and the ability for people up to age 75, with a total super balance under $1.7 million, to make up to three years of non-concessional contributions in a single year.
The document also runs through the reduction in the minimum age to make downsizer contributions to 60, the increase in the superannuation guarantee (SG) rate to 10.5 per cent a year and the removal of the $450 minimum income threshold for SG contributions. The increase, from $30,000 to $50,000, available under the First Home Super Saver Scheme is also outlined.
Each of the sections describe the relevant changes, how they apply to individuals and relevant actions that can be taken, and the document closes with a call to action to contact their adviser or visit the SMSF Association’s trustee education platform, SMSF Connect.
Earlier this year, the association also released a white-label document in relation to SMSF performance following the release of research conducted by the University of Adelaide and in November last year issued a white-label document in relation to director identification numbers and SMSF trustees.
