Peter Burgess, Deputy CEO / Director of Policy & Education, SMSF Association
As expected, the 2021-2022 Federal Budget has a strong emphasis on job growth and women’s security. From an SMSF perspective, after a few quiet Budgets, there were some welcome surprises for the SMSF investors in this year’s Federal Budget.
The following is a brief summary of the key changes relevant to the SMSF sector, including:
- Repealing the work test for voluntary contributions
- Reducing the eligibility age for downsizer contributions
- Relaxing residency requirements for SMSFs
- Legacy retirement product conversions
- Removing the $450 per month threshold for superannuation guarantee eligibility