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Budget 2018: Superannuation Funds

Uncategorized
May 9, 2018

Superannuation is vitally important, and the government has put it front and centre with major updates to SMSFs and work test exemptions for people aged 65-74. Here are all of the changes and updates you should be aware of to keep your super in check.

 

Updates to SMSFs:

  • The maximum number of allowable members in SMSFs and small APRA funds will be increased to six from 1 July 2019.
  • The annual audit requirement for self-managed superannuation funds will be changed to a three-yearly requirement for funds with a history of good record keeping and compliance. This measure will commence on 1 July 2019.

The ability for high-income earners to nominate which employers are not subject to SG: 

  • Individuals whose income exceeds $263,157, and have multiple employers, will be able to nominate that their wages from certain employers are not subject to the superannuation guarantee (SG) from 1 July 2018.

Work test exemptions:

  • An exemption from the work test for voluntary contributions to superannuation will be introduced from 1 July 2019 for people aged 65-74 with superannuation balances below $300,000, in the first year that they do not meet the work test requirements.

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