Legislation has finally been passed to give effect to the key superannuation changes proposed in the 2021 Federal Budget.
The legislated changes include:
- Removal of the work-test requirement for non-concessional contributions and salary sacrifice contributions, for individuals aged between 67 and 75.
- Extending eligibility to make non-concessional contributions under the bring-forward rule to individuals aged under 75 at the beginning of the financial year.
- Extending eligibility to make downsizer contributions to those age 60 or over,
- An increase to the maximum amount of voluntary contributions made to super that can be released under the First Home Super Saver Scheme.
We will be speaking directly with clients for whom these changes are relevant. If you have any queries however, please do not hesitate to contact me directly on (02) 9908 9888.