Superannuation sector changes in the 2018 Budget

Superannuation
Written By Vittoria De Stefano

The Federal Government’s 2018 Budget contained much less change for the superannuation sector than previous years. The changes included:

  • An increase in the number of members in self managed superannuation funds (SMSFs) and small APRA funds from 4 to 6 from 1 July 2019
  • Allowing SMSFs with a history of good compliance and record keeping to move from annual audit requirements to a three yearly audit requirement from 1 July 2019
  • Exempting members aged 65 to 74 with superannuation balances of less than $300,000 from the work test requirement for voluntary contributions for the first year they do not meet the work test requirement from 1 July 2019
  • Allowing individuals with income in excess of $263,157 who have multiple employers to opt out of the superannuation guarantee (which is intended to prevent unintentional breaches of the concessional contributions cap) from 1 July 2018.

For advice or further information please contact:

Nicole Stornebrink
Associate
T 03 5225 5209
E nstornebrink@ha.legal

Vittoria De Stefano http://www.harwoodandrews.com.au/vittoria-de-stefano
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