Your Future, Your Super Bill passed with amendments – “stapled” single default accounts, a best “financial” interests duty for trustees and APRA benchmark testing of investment performance

Tax Month - June 2021

The Treasury Laws Amendment (Your Future, Your Super) Bill 2021 has passed both houses of Parliament making changes including: “stapled” single default accounts, a best “financial” interests duty for trustees and APRA benchmark testing of investment performance. See related TT article about the detail in this Bill. See below for further details about the Bill…

Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 – SMSF membership limit increased from 4 to 6

Tax Month - June 2021

On Thursday 17.6.2021, the Bill that increases the maximum number of allowable members, from 4 to 6, in new and existing SMSFs and small APRA funds, passed both houses of Parliament, without amendment. See below for further detail. [Tax Month – June 2021]     The Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020…

Treasury Laws Amendment (More Flexible Superannuation) Bill 2020 – $100k super NC contribution 3 year ‘bring-forward’ extended by 2 years, re-contributing COVID withdrawals and repealing the ‘excess concessional contributions charge’

Tax Month - June 2021

On 17 June 2021, Parliament passed legislation extending the ‘bring forward’ age limit to 65 and 66 (ie under age 67) for non-concessional contributions (announced in the 2019-20 Federal Budget). The legislation was also passed with Senate amendments relating to re-contributing amounts withdrawn from super funds, as a COVID relief measure, and repealing the ‘Excess Concessional…