2 days ago
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. ... See MoreSee Less
Great update Anthony!
3 weeks ago
[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. ... See MoreSee Less
4 weeks ago
"SHOUTOUT to all Fempreneurs-on-a-Mission, we SALUTE you! ❤️ Are keen to connect with like minded ambitious Women in Business?💃Join us for our next Social SisinBiz Event (No Negative Nancy's allowed! 🤦) To support Female Entrepreneurs running Small Businesses around the globe 🌏 Learn from inspiring Successful Sister Speaker Kiah Worling about the top 3 Business Efficiency tips 💡 (we ALL need that 😉) and to be part of the Exclusive Online Launch of the Virtual Photo Booth by Good Vibes Co. - An event not to be missed! 😍 Grab your ticket ASAP via: bit.ly/JUNE2020_SocialSisinBiz and join the Sisterhood via: www.facebook.com/groups/SecretSisinBizSociety/ #SSIBS" ... See MoreSee Less
I would be interested in the next one I’m just busy tomorrow night