Happily, this year’s Federal Budget has some welcome changes for SMSFs!
All changes expected to commence from 1 July 2022, once they have received Royal Assent. Until this occurs they still may be subject to changes and amendments.
No more work test!
Arguably the biggest and best change! Now anyone aged 67 to 74 (inclusive) will be able to make non-concessional (including under the bring-forward rule) or salary sacrifice contributions regardless of their working status! The usual contribution limits and thresholds still apply.