Youth Leaders - Cassandra Wilson

BARRY HOCKEY

ACCOUNTANTS

Important Super changes now law

Aplethora of superannuation law tweaks has recently been made by the Government, via recently passed legislative reforms which include; • Removing the $450 monthly super guarantee threshold. As such, all employees will be paid compulsory superannuation regardless of the amount earned in a month. • Reducing the eligibility age for making downsizer contributions from 65 to 60. • Changes to facilitate the removal of the work test for those aged between 67 and 75 regarding non-concessional and salary sacrificed contributions. In addition, the non-concessional contribution cap bring-forward rule will now be available for people under the age of 75 (rather than 67, as is currently the case). • Increasing the maximum releasable amount under the First Home Super Saver scheme from $30,000 to $50,000. • Allowing self-managed super fund trustees to choose not to use the segregated assets method in certain circumstances, which provides greater flexibility for selfmanaged funds in the pension phase. • These superannuation measures will take effect from 1 July 2022 (except for the changes relating to the last dot point which will apply from the 2022 income year onwards). Furthermore, the Government has also ‘made good’ on their promise to extend the current Temporary Full Expensing measures by 12 months (i.e., to 30 June 2023). This is great news for small business owners looking to purchase vehicles or plant for their business. At Barry Hockey Accountants, we have a dedicated team to assist you. Personal service and attention to detail is our business.