Super changes and full expensing
12-month extension now law

A plethora of superannuation law tweaks has recently been made by the Government, via recently passed 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 non-concessional contribution cap 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.

These superannuation measures will take effect from 1 July 2022 (except for the changes relating to the last dot point which will apply from the 2022 income year onwards). Furthermore, the Government has also ‘made good’ on their promise of extended accelerated depreciation with legislation passing to extend the current Temporary Full Expensing measures by 12 months (i.e., to 30 June 2023).

Ref: Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 and Treasurer’s Media Release, Parliament passes legislation to enhance the superannuation system, 10 February 2022