Superannuation Changes Announced In The 2021 Budget

This years Federal Budget consisted of a large number of significant changes being made to superannuation. If they are successfully passed by Federal Parliament, these changes are set to apply from the 1st July 2022 after the date they receive Royal Asset. 50 Percent Reduction In Minimum Pension Extended To 30th June 2022 Although this […]

The Australian Government Removes Work Test for Voluntary Superannuation Contributions

The Australian Government has announced that older Australians in SMSFs will be able to contribute earnings or savings directly into superannuation funds with the repeal of the “work test”. As part of the May 2021 Federal Budget, new changes will enable individuals aged between 67 to 74 years to make or receive non-concessional including under […]

Work test over 65

Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”.