There was a point in time earlier this year due to the coronavirus pandemic, that the proposed changes from 1 July 2020 to increase the age limit to make contributions would not take effect as intended. However, we have now seen Superannuation Legislation Amendment (2020 Measures No. 1) Regulations 2020 registered, in which makes amendments…
In our blog post titled, ‘once indexation starts, let the fund begin’ on 2 December 2019, we spoke about the potential for indexation of the general transfer balance cap (‘general cap’) where the CPI figure for December 2019 is 116.9 or higher. Well, the Australian Bureau of Statistics’ CPI figure released on 29 January 2020…
There’s been plenty to consider since the introduction of the super reforms post 1 July 2017 – CGT relief, the introduction of the transfer balance cap and total super balance (TSB) to name a few…From a transfer balance cap (TBC) perspective, things have been relatively straight forward with an individual’s personal TBC (‘personal cap’) aligned…
With a Coalition Government returning to office, the grey clouds that hung over the catch-up unused concessional contribution legislation has now been lifted. With this measure having started from 1 July 2018, the prospective nature of these laws has meant that the 2019-20 financial year will be the first time where a member will be…
A common question we get asked is how to deal with contributions that have mistakenly resulted in a client exceeding their contribution cap. The changes to the contribution rules from 1 July 2017, both in terms of contribution caps, but also the introduction of a total superannuation balance concept have highlighted the importance of getting…