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Super rule changes starting 1 July 2020
Super Guarantee amnesty for employers
Employers are being offered a one-off opportunity to disclose and pay any unpaid SG amounts under an amnesty program administered by the ATO. The amnesty (which runs until 7 September 2020), permits employers to lodge an SG amnesty form to disclose SG contribution shortfalls for their employees for any quarter from 1 July 1992 and 31 March 2018.
Employers taking advantage of the amnesty will not incur the normal interest, administration charges and non-payment penalties of up to 200%. They can claim a tax deduction for any SG payments made by 7 September 2020.
Removal of work test to age 67
From 1 July 2020, older super members will be able to make contributions into their super account without having to meet the requirements of the work test.
Following amendments to the SIS Regulations, fund members aged 65 and 66 can make personal non-concessional contributions into their super account without being gainfully employed for 40 hours in 30 consecutive days during the financial year in which they make their contribution.
Following removal of the work test requirements for personal contributions by super members aged 65 and 66, accompanying legislation is going through Parliament covering the rules for bring-forward arrangements.
This legislation will allow fund members aged 65 or 66 to use the existing bring-forward rules for non-concessional contributions to make up to three years of non-concessional contributions (3 x $100,000 = $300,000 in 2020/21) in a single financial year.
Increased age limit to receive spouse contributions
As part of recent amendments to the SIS Regulations, the maximum age at which an SMSF member can receive a spouse contribution has been lifted.
From 1 July 2020, spouse contributions can be made until the receiving spouse reaches age 75 (up from the previous age limit of 69). Receiving spouses aged between 67 and 75 will still need to meet the requirements of the work test.
Temporary reduction in super pension minimum drawdowns
The government has again reduced minimum drawdown rates by 50% for account-based pensions and similar products in the 2020/21 income year.
Early release of super
From 1 July 2020, super fund members can access up to $10,000 of their super account if they are affected by the adverse economic effects of COVID-19.
Under the temporary access rules, you can access up to $10,000 of your superannuation savings. Applications must be made between 1 July 2020 and 24 September 2020 and are only available to members in accumulation phase, not retirement phase.
Comment on Facebook 161050860629319_3249672365100471
Great update Anthony!
And seriously isn't it about time..... The banking royal commission said the banks did questionable things, the outcome more compliance and more changes for planning and no bankers in court.
Current regulations ensure I act in the client's best interest because they cannot afford to use my services, therefore they are protected. QED.
Bit silly to protect Australians by ensuring they cannot access a service they should all be able to use cost-effectively.
Let's change this model....!
IOOF, AMP CEOs raise advice affordability concerns | Professional Planner
www.professionalplanner.com.au
Heads of the country’s two largest vertically integrated wealth businesses and advice networks told policy makers that laws might require a rethink to make advice more affordable to Australians.Got an SMSF and an Estate Plan with a Testamentary Trust.
Might have to check your will.
New laws prompt review of SMSF estate plans
www.smsfadviser.com
In light of recent laws passed this month, many clients will need to review their estate planning to ensure their will adequately explains how superannuation and insurance payments should be dealt wit...ATO on the prowl for COVID Scams. This is good news for most of us.
If you figured out you could withdraw funds from Super because you qualify only to contribute them and claim a tax deduction, not good news. The ATO will penalise that behaviour.
ATO zeroes in on COVID-19 fraud
www.ato.gov.au
The Australian Taxation Office (ATO) is building on its significant efforts zeroing in on fraud and schemes designed to take advantage of the government’s COVID-19 stimulus package. This includes Jo...[Morningstar with AAP]: Wall Streets three major indexes closed higher on Monday with the biggest gains in technology stocks as investors focused on the potential for more government stimulus measures even as they worried about an increase in coronavirus cases in the US and other countries.
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Comment on Facebook "SHOUTOUT to all ...
I would be interested in the next one I’m just busy tomorrow night
@marliejolanda
As you come out of lockdown, here is a 7 day challenge for you.
Tony Robbins - Comeback Challenge
makemycomeback.com
With Today's Shifting World There’s No Doubt You’ve Felt Fear, Stress And Worry… But Now It’s Time To Ignite Your New Beginning & UNLEASH Your Full Potential!The Virus Will Win — The Atlantic
The Virus Will Win — The Atlantic
apple.news
Americans are pretending that the pandemic is over. It certainly is not.
