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Work test scrapped for super contributions: under 75s
- 28 March 2022
- Posted by: GJ North
- Category: Superannuation
No CommentsFrom 1 July 2022, people aged between 67 and 75 will be able to make non-concessional and salary-sacrificed contributions to their superannuation without the need to pass the work test or satisfy the work test exemption criteria.
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Downsizer contributions: age limit change
- 28 March 2022
- Posted by: GJ North
- Category: Superannuation
To help those nearing retirement boost their super balances, people aged 65 and over can currently make downsizer contributions to their super of up to $300,000 from the proceeds of the sale of their home
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FHSS maximum releasable amount increased
- 28 March 2022
- Posted by: GJ North
- Category: Superannuation
The maximum amount that individuals can take out of their superannuation under the First Home Super Saver Scheme (FHSS) will be increased to $50,000 for any release requests made on or after 1 July 2022.
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Income protection insurance in super: beware of offsets
- 1 February 2022
- Posted by: GJ North
- Category: Superannuation
Insurance within super is usually the most cost-effective way for an individual to cover themselves in the event of a mishap. Most super funds typically offer three types of insurance for their members: life cover, total and permanent disability (TPD) and income protection insurance (or salary continuance cover).
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Finalised your SMSF audit? Time to lodge your SAR
- 18 January 2022
- Posted by: GJ North
- Category: Superannuation
Once your SMSF audit has been finalised by an approved auditor, it’s time to lodge your SMSF annual return (SAR). Need an SMSF Audit, GJ North & Associates can assist.
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SMSF trustees: reminder to apply for director IDs
- 1 January 2022
- Posted by: GJ North
- Category: Superannuation
Directors of corporate trustees of self-managed superannuation funds (SMSFs) should be aware that the director ID identification regime is now in force
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Up and coming changes to superannuation
- 23 December 2021
- Posted by: GJ North
- Category: Superannuation
Recently, a number of significant superannuation changes were proposed in Parliament as a part of the government’s plan to enhance super outcomes for Australians.