There are some changes to superannuation to note from the 1st July 2020; removal of work test to age 67, temporary reduction in super pension minimum drawdowns, early release of super, Super Guarantee Amnesty for Employers.
Around this time of year many people are thinking about putting a little more money into superannuation to get an additional tax deduction for the tax year.
As we begin to look at the new financial year that started a few weeks ago, it is time to take a look at superannuation contribution opportunities for individuals from 1 July 2019.
On the 24 May 2018, the government introduced the Treasury Laws Amendment (2018 Superannuation Measures No 1) Bill 2018 to give an amnesty for employers who have failed to pay superannuation entitlements on behalf of their employees.
As if the issue of superannuation isn’t complicated enough, following the Budget announcements regarding superannuation, along comes another Treasury announcement containing draft legislation to amend the reform package.