SMSF Updates

SMSF contributions: change to age limits

The ATO have recently reminded SMSF trustees that as part of the “Superannuation – improving flexibility for older Australians” measures, that the draft regulations from 1 July 2020 will allow SMSF members to:

  • no longer need to meet the work test to make voluntary concessional and non-concessional super contributions if they are aged less than 67
  • receive spouse contributions up to (and including) age 75

Of course, all other eligibility criteria for contributions still need to be met. The ATO have highlighted that members can use the ATO’s online services to view some of these, such as checking their total super balance, any existing bring forward arrangements and unused concessional contributions.

Another proposed change that runs in parallel with the one above is currently before parliament in the Treasury Laws Amendment (More Flexible Superannuation) Bill 2020. It is seeking to let members bring forward up to three years of non-concessional contributions if they are younger than 67 (rather than 65).

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