BUDGET: Contribution Changes for Older Australians
The 2019-20 Federal Budget confirmed the changes to contribution rules announced in the Treasurer’s Press Release on 1 April.
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A new opportunity to top up super for those over 65 – downsizer contributions
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.
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Work Test Exemption for Recent Retirees – Who Will Benefit?
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.
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My client has been offered shares in his employer’s company as part of an employee share scheme.
Under the scheme, the employee is able to take up the entitlement themselves or nominate an associate to take up the share entitlement.
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My client made a $25,000 concessional contribution to his SMSF in June which won’t be allocated to his member account until July.
When will the unallocated amount first count towards his Total Superannuation Balance?
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Downsizer contributions and First Home Saver Superannuation Scheme (FHSSS) passed
The Bills necessary to make both the above measures law have now received Royal Assent.
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Does scrapping the $500k lifetime limit for non-concessional contributions make sense?
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.
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