Superannuation Changes 1st July 2022

Did you know the government made superannuation changes on 1 July 2022 relating to contributions ? You can now make non concessional contributions (Where you do not claim a tax concession) after age 67 without having to meet a work test. This is a great rule change as meeting the work test was difficult under the old laws.

You can do this before age 75 with generous contribution limits. This allows you to get money into the attractive superannuation environment that you could not contribute to superannuation previously.

If you have money in superannuation already, these superannuation contribution changes 1 July 2022 allow you to change the tax status of your superannuation. This can potentially save your beneficiaries thousands in superannuation tax at the time of your passing.

Equalising the superannuation balances between you and your partner is a good option which was harder to do under previous laws. This gives many more options at estate time especially for age pensioners.

You may have downsized your home, sold a rental property, inherited money or taken some profits from the share market and are looking for investments in a tax attractive place.

We are a fee for service Financial Planning practice with offices in Balcatta and Canning Vale. Our advice allows you to use your resources to get the best outcomes for you and your family now and into the future. Improving your Lifestyle is our Business. It is never to early to start planning so contact us now and we will be happy to assist.