2022 TA
Partial abolition of the superannuation work test
The work test for making non-concessional or salary sacrifice superannuation contributions is proposed to be removed from 1 July 2022. Currently, members over the age of 65 are required to work at least 40 hours over a 30 day period in a relevant financial year when making a contribution. Removing this test for non-concessional contributions (including the bring forward rule) will allow members to contribute more to super throughout their lifetime, subject to meeting other requirements. It is noted in the 2021 Federal Budget announcement that the work test for individuals between 67 and 74 years will continue to apply for personal deductible contributions. However, an individual may be entitled to a ‘one-off’ work test exemption in limited circumstances (see event ‘Work test exemption for low balance retirees’).
Announcement(11-May-2021) Consultation Introduced(27-Oct-2021) Passed Royal Assent Date of effect
Downsizer contributions to superannuation Downsizer contributions have been available to members of complying superannuation funds since 1 July 2018. From this date, a person aged 65 years or older will be able to make a contribution up to $300,000 from the proceeds of selling their main residence. A recent legislative amendment originally from the 2021 Federal Budget proposes that from 1 July 2022 the age limit will reduce from 65 to 60. This contribution will be outside the current non-concessional rules. To be eligible to make the contribution, they must have owned their main residence for at least 10 years. It is available to both members of a couple for the same home, even if only one is on the title deed. These contributions are in addition to existing rules and caps and are exempt from the: •
age test
•
work test, and
•
$1.6 million total superannuation balance test
Announcement(10-May-2017) Consultation(11-May-2021) Introduced(27-Oct-2021) Passed Royal Assent Date of effect(1-Jul-2018)
for making non-concessional contributions.
Victoria COVID-19 package for state taxes Throughout the COVID-19 pandemic, the Victorian government has announced various assistance for businesses who are required to pay land tax or payroll tax. Assistance has been given in the form of reductions, refunds and deferrals of these state taxes. However, not all assistance is applied automatically and requires direct application with the State Revenue Office. Most recently, a 12-month deferral of payroll tax applies to businesses with Victorian taxable wages under $10 million. Also, land tax relief has been extended into 2021 for landlords who provide qualifying rental reductions to their tenants. This has
Announced: 20-Mar-2020 Updated: 2-Nov-2021
recently been extended again in October 2021. The impact statement and letters provide more detailed information for you to correspond with your clients, to ensure they receive all the assistance they are entitled to.
Payment Times Reporting Scheme The Payment Times Reporting Scheme commenced on 1 January 2021, providing small businesses with greater understanding of the corporate treasury management processes within large businesses and government enterprises. Information reported by large businesses on payment terms and times for their small business suppliers at an aggregate level is publicly available on the Payment Times Reports Register. This will assist a small business in decision making by increasing transparency on how quickly they could
Announcement(10-Dec-2020) Consultation Introduced(13-May-2020) Passed(6-Oct-2020)
expect payment for work with a big business. Small businesses can opt out of being identified as a small
Royal Assent(14-Ot-2020)
business for the purposes of the scheme. This will mean that their payment times and terms with large
Date of effect(1-Jan-2021)
businesses will not be reported.
