Superannuation sector changes in the 2018 Budget
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
