Super changes and full expensing 12-month extension now law

A plethora of superannuation law tweaks has recently been made  (via recent legislative reforms) which include:

-   Removing the $450 monthly super guarantee threshold.

-   Reducing the eligibility age for making downsizer contributions from 65 to 60.

-   Changes to facilitate the removal of the work test for those aged between 67 and 75 regarding non-concessional and salary sacrificed contributions.  In addition, the bring-forward rule will now be available for people under the age of 75 (rather than 67, as is currently the case).

-   Increasing the maximum releasable amount under the First Home Super Saver scheme from $30,000 to $50,000.

-   Allowing super fund trustees to choose not to use the segregated assets method in certain circumstances.

Furthermore, the Government has also ‘made good’ on their promise to extend accelerated depreciation with legislation passing to allow  current Temporary Full Expensing measures to continue for another  12 months (i.e., to 30 June 2023).

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Accumulate Accountants + Business Advisors is a consulting firm located in Perth, Western Australia that provides a range of successful businesses with strategic business advice, accounting and taxation services.

www.accumulateperth.com

info@accumulateperth.com

(08) 9364 4204

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