With a new financial year almost upon us, it is time to make ourselves familiar with the various superannuation related thresholds applying for the 2019/20 financial year.

When the clearing house receives the money? Or when the respective superannuation funds receive the money from the clearing house?

While the rules surrounding excess contributions have remained relatively stable for some time now, the 1 July 2017 changes to non-concessional contribution limits for those with large superannuation balances have understandably muddied the waters.

Top of mind for many SMSF trustees – particularly retirees - is the upcoming Federal Election and the Australian Labor Party (ALP) policy on refunds of excess franking credits.

On the superannuation front (and for SMSFs in particular), the 2019-20 Federal Budget was distinctly quiet.

The 2019-20 Federal Budget confirmed the changes to contribution rules announced in the Treasurer’s Press Release on 1 April.

From 1 July 2017 it became much harder to build up more superannuation thanks to a tightening of the limits on contributions. The maximum “concessional contributions” reduced to $25,000 pa.

In the May 2018 Federal Budget, the Government announced plans to extend the ability for recent retires to make contributions to superannuation from 1 July 2019. This change has now been legislated.

Under the scheme, the employee is able to take up the entitlement themselves or nominate an associate to take up the share entitlement.

When will the unallocated amount first count towards his Total Superannuation Balance?

The Bills necessary to make both the above measures law have now received Royal Assent.

Big news this week with the Government announcing a total backflip on one of its big 2016 Federal Budget measures – the lifetime limit on non-concessional contributions.