The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This 'CC' cap is broadly applicable to employer super guarantee contributions, personal...

The ATO has reminded SMSF trustees that their SMSF must be operated for the sole purpose of providing retirement benefits for its members.  This means SMSF trustees can’t use funds from their SMSF to pay for personal or business expenses.  This is known as 'illegal...

In a recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55 from 1 January 2023. This further reduces the downsizer eligibility age, which changed from 65 to 60 from 1 July 2022. From 1 January 2023, eligible individuals...

Changes to Australia’s superannuation laws were passed through both houses of parliament last week and will come into effect on 1 July, 2022. These changes are set to benefit Australian superannuation fund members. 1. The Superannuation Guarantee is legislated to increase from the current 10% to 10.5%....

The ATO has advised employers intending to claim a tax deduction for super payments that they make for employees in the 2020/21 income year that any such payments must be accepted by the Small Business Superannuation Clearing House ('SBSCH') on or before 23 June 2021. This...

The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The new caps for the 2021/22 year will be: Concessional Cap: $27,500 Non-Concessional cap: $110,000 (or $330,000 over 3 years) The total superannuation balance limit that determines if...

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