Next financial year is also shaping up as a big one for super, with most of the changes announced in the May federal Budget expected to start on 1 July 2022.
The Budget included proposals to:
- repeal the work test for people aged 67 to 74 who want to contribute to super
- reduce the minimum age for making a downsizer contribution (using sale proceeds from your family home) from 65 to 60
- abolish the $450 per month income limit for receiving the Super Guarantee
- expand the First Home Super Saver Scheme
- provide a two-year window to commute legacy income streams
- allow lump sum withdrawals from the Pension Loans Scheme
- relax SMSF residency requirements.
All these measures still need to be passed by parliament and legislated.
Time to prepare
There’s a lot for super fund members to digest. SMSF trustees in particular will need to ensure they document changes that affect any of the members in their fund. But these latest changes also present retirement planning opportunities.
Whatever your situation, if you would like to discuss how to make the most of the new rules, please get in touch.
Content sourced from Advant Group