What's New in Super
Happy New Financial Year!
The rules around superannuation appear to be ever changing and this year is no different. We have detailed the major changes below and provided links to the Australian Taxation Office (ATO) for more information.
We welcome you to send us your 2021 records once all information required becomes available. We note that many of our SMSF clients have investments in managed funds and fund managers will likely not release the 2021 tax statements until late September 2021.
Lodgement Due Dates
- Most SMSFs have a lodgement due date of 15th May 2022.
- Newly registered SMSFs have a lodgement due date of 28th February 2022.
- If your 2020 SMSF annual return was lodged late, the 2021 return will have a due date of 1 November 2021.
Major Changes to Super from 1 July 2021
- Concessional contribution cap increased to $27,500.
- Non-concessional contribution cap increased to $110,000 (or $330,0000 over three years).
- Total Superannuation Balance (TSB) Cap & General Transfer Balance Cap (TBC) increased to $1.7M.
- Temporary reduction of minimum pension drawdown continued for 2021/22 financial year.
As always, please do not hesitate to
contact us.
All information is general in nature only and does not take into account your personal objectives, financial situation or needs. Please seek personalised financial advice before acting.
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