["menutype"]=> As such, it is a must read for those wanting to stay informed about the latest news, regulatory developments, technical strategies, investments, compliance, legal and administration issues concerning SMSFs. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument. The third element of this budget measure – increasing the age limit for accessing the bring forward non-concessional contributions cap – is implemented through amendments to the Income Tax Assessment Act 1997. The Government has released a draft law to allow people aged 65 and 66 to make voluntary contributions without meeting the work test. string(4) "News" The above amendment (if passed) will mean that individuals aged less than 67 will be able to make non-concessional and concessional (deductible) contributions to superannuation regardless of whether they satisfy the work test. ["active"]=> The changes to the RSA Regulations effectively mirror the changes to the SIS Regulations. Currently, any person between the ages of 65 and 74 must work a minimum of 40 hours over a period of 30 days in any give financial year before they are eligible to make voluntary superannuation contributions. [2]=> This is known as the work test exemption (eligibility conditions and limits apply). ["language"]=> Adrian Flores is the deputy editor of SMSF Adviser. } ["menu_image_css"]=> Currently, the ‘work test’ requires that, for those age 65 – 74,  they must work at least 40 hours during a consecutive 30-day period each financial year for their super fund to accept a personal super contribution (subject to limited exceptions). Further, the draft bill would amend the Income Tax Assessment Act 1997 to extend access to the bring‑forward arrangements to people aged 65 and 66. The Government is seeking public comment on legislation and regulations which will provide a one‑year exemption from the work test for superannuation contributions, to allow recent retirees to boost their superannuation balances. string(0) "" string(5) "/news" string(3) "376" This instrument amends the Retirement Savings Accounts Regulations 1997 and the Superannuation Industry (Supervision) Regulations 1994 to increase the age at which the work test starts to apply for voluntary concessional and non-concessional superannuation contributions from 65 to 67, and to increase the age limit for spouse contributions from 69 to 74. There will be an overall decrease in ongoing compliance costs for individuals and superannuation funds. The Regulations were released for public consultation over the period 5 March 2020 to 3 April 2020 alongside the draft changes to the Income Tax Assessment Act 1997 and the explanatory materials. The effect of item 6 is that a regulated superannuation fund can accept an employer contribution (except a mandated employer contribution) or a member contribution in respect of a member aged 65 years and 66 years, without the member needing to be gainfully employed on at least a part-time basis in the year in which the contribution is made. Before that, he was the features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation. bool(false) “This draft legislation reflects the Morrison government’s ongoing commitment to ensuring all Australians have additional flexibility in how they save as they transition to retirement,” Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume said.

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