Since budget night the Venture team has been waiting for the Bill implementing super changes to be introduced to Parliament.
In the early hours of Thursday morning, the Bill passed the House of Representative and yesterday afternoon the Bill passed the Senate and is now awaiting Royal Assent.
The Bill contained the following measures which will come into effect from 1 July 2022:
- 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
- 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
Should you wish to discuss these measures further please arrange a discussion with your adviser or self managed superannuation fund accountant.