On 27 October 2021, the Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 was introduced to Parliament.

The Bill contains several superannuation and tax proposals contained in the 2021 Federal Budget. The proposals include:

  • the removal of the monthly minimum threshold (currently $450 a month) for salary or wages to count towards the superannuation guarantee, starting from 1 July 2022 or from the beginning of the next quarter once the Bill receives Royal Assent
  • increasing the maximum releasable amount under the First Home Super Saver Scheme from $30,000 to $50,000, starting in the 2022-23 financial year
  • reducing the eligibility age to make downsizer contributions from age 65 to age 60, starting in the 2022-23 financial year
  • increasing the eligibility age to utilise the bring forward rule from under age 67 to age 74 (inclusive), starting in the 2022-23 financial year
  • amendments to effectively allow individuals aged 67 to 75 to make non-concessional and salary sacrifice contributions to superannuation, without the need to meet the work test or work test exemption. The work test will still be required for personal deductible concessional contributions. This measure is expected to commence in the 2022-23 financial year
  • allowing trustees to choose their preferred method for calculating exempt current pension income where the fund has interests in both accumulation and retirement phase for part of the financial year. This measure is expected to apply from the 2021-22 financial year, and
  • extending the temporary full expensing of depreciating assets regime by 12 months to 30 June 2023. This extension will provide eligible business an additional 12 months to access the tax incentives.

Additional information

Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492 RSEL L0001281 (MIML) is the operator of Macquarie Investment Manager, Macquarie Investment Manager II, Macquarie Investment Consolidator, Macquarie Investment Consolidator II and Macquarie Investment Accumulator; and is the Trustee of the Macquarie Superannuation Plan.

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Unless stated otherwise, this information has been prepared by Macquarie Bank Limited AFSL and Australian Credit Licence 237502. It is provided for the use of licensed and accredited brokers and financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products.