Some proposed changes to Superannuation have finally made it to parliament. Lou runs through a few of them that provide some great planning opportunities for those nearing retirement.
Since the video was posted, the legislation has passed through parliament.
The changes provide significant strategic advice opportunities from 1 July 2022, particularly in relation to older clients and super contribution strategies. The changes include:
- 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 , and
- removal of the work-test requirement for non-concessional contributions (NCCs) and salary sacrifice contributions, for individuals aged between 67 and 75
- removal of the minimum income threshold of $450 per month for super guarantee support
- an increase to the maximum amount of voluntary contributions made to super that can be released under the First Home Super Saver Scheme (FHSSS).
The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. Louella Jorge is an Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429. This editorial does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information, you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser before you act.