The proposed superannuation changes in the 2021-22 Federal Budget have now passed both houses of parliament and await Royal Assent. As a result, the following key superannuation changes are expected to apply from 1 July 2022:
Partial removal of the work test
Remove the work test for people aged between 67 and 75 for certain types of voluntary contributions such as non-concessional and salary sacrifice contributions.
However, the final details are yet to be decided.
Extension of non-concessional bring-forward rule
Allow individuals aged between 67 and 75 to make non-concessional superannuation contributions under the bring-forward rule.
Reduced eligibility age for downsizer contributions
Currently downsizer contributions may be made by individuals aged 65 and above. This change will allow individuals aged 60 and above to make downsizer contributions to their superannuation from the proceeds of selling their home.
How can we help?
If you would like further information about making contributions to super, please contact your Pinnacle Adviser or the office to arrange a time to meet so that your particular requirements can be discussed in more detail.