Are you over 67 years and looking to put extra money into your superannuation fund? Are you no longer working?

The rules are changing from 1 July 2022!

The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 passed both houses of Parliament on 10 February 2022, and is awaiting Royal Assent.

Some of the highlights of this Bill are that it:

  1. Allows individuals aged between 67 and 75 to make non-concessional (after tax) superannuation contributions without needing to satisfy the ‘work test’ (currently 40 hours in 30 days). Please note, the work test will still apply to personal concessional (tax deductible) contributions.
  2. Extends the ‘3 year bring-forward rule’ for non-concessional superannuation contributions to individuals aged under 75.
  3. Reduces the eligibility age for downsizer contributions from 65 to 60 years.
  4. Removes the $450 threshold under which employees do not have to be paid superannuation guarantee by their employer.
  5. Increases the maximum amount able to be released under the First Home Super Saver Scheme from $30,000 to $50,000

These superannuation measures would take effect from 1 July 2022, subject to Royal Assent.

Note: Non-concessional contribution eligibility is still subject to the Total Super Balance limit, which is currently $1,700,000.

For more information and to discuss how you can take advantage of these changes, please contact our superannuation team on (02) 6584 7776.