On 10 September 2022, the Senate passed the Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 with no amendments. It therefore awaits assent. The Bill passes various Budget Superannuation measures, to encourage superannuation contributions, and a temporary extension of the measures to allow capital expenses to be deductible in full.
The superannuation measures include:
- allowing individuals aged between 67 and 75 to make non-concessional superannuation contributions under the bring-forward rule (from 1 July 2022);
- supporting the repeal of the work test for non-concessional and salary sacrificed contributions made by individuals aged between 67 and 75 (from 1 July 2022);
- removing the $450 per month income threshold under which employees do not have to be paid the superannuation guarantee by their employer (from 1 July 2022);
- allowing trustees to use their preferred method of calculating exempt current pension income where the fund is fully in the retirement phase for part of the income year but not for the entire income year (for the 2021-22 income year onwards);
- increasing the maximum amount of voluntary contributions that could be released under the First Home Super Saver Scheme from $30,000 to $50,000 (from 1 July 2022).
The capital costs measures temporary extended full expensing regime by 12 months, to 30 June 2023.
The Treasurer has issued 2 media releases trumpeting the changes, one with the Assistant Treasurer and the other with the Minister for Superannuation.
[Tax Month – February 2022 – Previous 2022] 13.2.22 [LTN 27, 11/2/22]