Enhancing superannuation outcomes bill passes
After a marathon sitting of the House of Representatives on Wednesday 9 February that lasted well into the next morning, at 4:56am on Thursday 10 February the Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021 passed the House.
The key superannuation measures in this Bill are:
- removal of the $450 income threshold for superannuation guarantee
- increasing the amount eligible for release under the First Home Super Save Scheme from $30,000 to $50,000
- reducing the downsizer contribution eligibility age from 65 to 60
- removing the work test and extending the non-concessional contribution bring-forward rules for members aged between 67 and 75
- allowing trustees of funds with no disregarded small fund assets to choose their preferred method of calculating exempt current pension income when they have member interests in both accumulation and retirement phases for part, but not all, of the income year.
The first four measures above will come into effect from 1 July 2022. The final measure is effective from 1 July 2021.
As always, please contact you WLF Advisor if you would like further information about how this relates to your circumstances.