On 10 February 2022, the Treasury Law Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses invest) Bill 2021 passed and has since been given royal assent, and passed into law.
The Bill gives effect to the following superannuation changes effective 1 July 2022:
* The contribution must be received no later than within 28 days after the month in which the person turns 75.
NOT included in this Bill
The Federal Budget proposal to relax residency requirements for SMSF members and an amnesty for legacy pension products were not included in this Bill and are yet to be legislated.
This change may open opportunities for older Australians including:
Call us to find out more about how you could potentially benefit from these changes, or what actions may need to be assessed prior to 1 July 2022.
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