The Federal Government has now passed legislation giving effect to the following changes to the superannuation rules and temporary full expensing of business assets rules.
- Superannuation Guarantee removal of monthly threshold
The $450 monthly wage threshold has been removed, meaning that all employees (workers) are entitled to be paid superannuation regardless of how much they earn per month.
- Downsizer Contribution Age – Reduced from 65 to 60
This will allow people from age 60 who sell their home (must have lived in for at least 10 years) to put up to $300,000 from the sale proceeds into their superannuation.
- Removal of Work Test for people aged 67 to 75
The removal of the work test will apply to non-concessional and salary sacrificed contributions for people up to age 75. Also the bring forward rule will be available for people up to age 75.
- Increasing Releasable Amount – First Home Super Saver Scheme
The amount able to be released from an individual’s superannuation under the First Home Super Saver Scheme will increase from $30,000 to $50,000.
These changes will take effect from 1 July 2022.
Temporary Full Expensing Measures Extended to 30 June 2023
The temporary full expensing of assets measures will be extended by 12 months to 30 June 2023. This enables qualifying businesses (turnover of less than $5 billion) to claim for a full deduction for most depreciable assets they acquire for business purposes.
Should you require further explanation or assistance with these changes please contact us on (07) 3910 5675 or [email protected].