On 10 February 2022, the Treasury Law Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses invest) Bill 2021 passed and has since been given royal assent, and passed into law.
The Bill gives effect to the following superannuation changes effective 1 July 2022:
* The contribution must be received no later than within 28 days after the month in which the person turns 75.
NOT included in this Bill
The Federal Budget proposal to relax residency requirements for SMSF members and an amnesty for legacy pension products were not included in this Bill and are yet to be legislated.
This change may open opportunities for older Australians including:
Call us to find out more about how you could potentially benefit from these changes, or what actions may need to be assessed prior to 1 July 2022.
The purpose of this website is to provide general information only and the contents of this website do not purport to provide personal financial advice. JourneyNest strongly recommends that investors consult a financial adviser prior to making any investment decision. The contents of this website does not take into account the investment objectives, financial situation or particular needs of any person and should not be used as the basis for making any financial or other decisions. The information is selective and may not be complete or accurate for your particular purposes and should not be construed as a recommendation to invest in any particular product, investment or security. The information provided on this website is given in good faith and is believed to be accurate at the time of compilation.