The bring-forward measures and 6-member SMSF bill passes Parliament
Bring forward measures – increase in age
The bring-forward measures will amend the Income Tax Assessment Act 1997 to enable individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring-forward rule.
Previously, members under age 65 at any time in a financial year may effectively bring forward up to two years’ worth of non-concessional cap for that income year, allowing them to contribute a greater amount up to $300,000 without exceeding their non-concessional cap.
The 6-member SMSF bill was passed to increase the maximum number of allowable members in SMSFs from four to six.
SMSFs are often used by families as a vehicle for controlling their own superannuation savings and investment strategies so increasing the allowable size of these funds increases choice and flexibility for members.
To read more information on both of these changes to SMSF, read the full article:
Bring-forward measures and 6-member SMSF bill passes Parliament