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Enhancing superannuation outcomes for Australians and helping Australian business invest

Enhancing superannuation outcomes for Australians and helping Australian business invest

There have been a number of fiscal initiatives aimed at enhancing the economic climate, boosting investment and personal wealth. We look at some of these initiatives below:

 

First Home Super Saver Scheme – from 1 July 2022, eligible individuals will be able to release up to $50,000 (currently $30,000), under the scheme to assist with the purchase of their first home.

Changes to the downsizer scheme – the minimum age for making downsizer contributions will be lowered from 65 to 60 from 1 July 2022. This will enable those individuals now eligible to make downsizer contributions to their superannuation plan from the proceeds of selling their home.

Work test for non-concessional contributions to/from super – Also those individuals aged between 67 and 75 who claim a deduction for personal superannuation contributions will be able to apply the work test to allow them to make or receive non-concessional superannuation contributions under the bring forward rule.

Superannuation trustees choice of pension method calculation – superannuation trustees are able to choose their preferred method of calculating exempt current pension income when they have member interests in both accumulation and retirement phases for part, but not all, of the income year.

Temporary full expensing – the temporary full expensing regime has been extended to 30 June 2023.

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