Proposed superannuation changes

By Martin Fowler - June 19, 2019

Following the surprise Federal election victory, the Morrison Government is now likely to seek approval of its proposed superannuation changes which include:
  • Extending the "bring forward" rule for non-concessional contributions to individuals aged 65 or 66 (this will increase the maximum NCC for these individuals from $100,000 to up to $300,000).
  • Increase the maximum age to receive spouse contributions from age 69 to 74. Currently the spouse must be under age 70 to receive spouse contributions.
  • Increase the number of SMSF members from 4 to 6
  • Individuals aged 65 and 66 will no longer need to meet the work test to make voluntary superannuation contributions.  This in addition to the new first year of retirement rule referred to earlier.
  • Remove the requirement to obtain an actuarial certificate where a fund only has account-based pension liabilities, but a member has an interest in another super fund which causes the member to have a total superannuation balance in excess of $1.6m.

 

Copyright © 2019. The information provided is not personal advice. It does not take into account the investment objectives, financial situations or needs of any particular investor and should not be relied upon as advice. While the information is provided in good faith and believed to be accurate and reliable at the date of preparation, we will not be held liable for any losses arising from reliance thereon. We recommend investors consult their personal financial adviser to discuss suitability and application to their individual circumstances. Advisors at Pitcher Partners Sydney Wealth Management are authorised representatives of Pitcher Partners Sydney Wealth Management Pty Ltd, AFS & Credit Licence number 336950.

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