News : Contributions

Contributions

Contributions error fixes gone

non-concessional contributions error

The ability to repay non-concessional contributions accepted in error by superannuation fund trustees will be eliminated on 1 July.

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Contributions

Bring-forward approach confirmed

NCC bring-forward

Treasury has confirmed how the extension of the non-concessional three-year bring-forward rule to include people aged 64 to 75 will be applied.

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Contributions, Superannuation

Excess contribution change not a strategic break

excess contributions charge

The scrapping of the excess concessional contributions charge in the Your Future, Your Super laws is not an opportunity to gain a tax benefit.

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Contributions

NCC bring forward implementation confirmed

NCC bring-forward

The official date from when people aged 65 and 66 can use the non-concessional contributions bring-forward rule has been confirmed by Treasury.

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Contributions, Retirement

Work test to end mid-2022

work test cease

The work test on non-concessional contributions will cease from mid-2022 as the government seeks to boost the retirement savings of older Australians.

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Contributions

Downsizer open to more people

downsizer contribution extended

The downsizer contribution scheme will be extended to now start from age 60, with the government claiming the move will free up housing for younger people.

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