Superannuation and Age Pension changes from July 2021
Happy new (financial) year!
In this special edition we’ve updated all SuperGuide articles covering the key rules, regulations, rates and thresholds for the 2021-22 financial year. We also highlight the major changes that take place from 1 July 2021.
Highlights include:
- SUPER RULES: The last few months have produced a flurry of legislation and rule changes due to kick off on July 1, with many new opportunities to boost your retirement savings. This includes increases in the Super Guarantee, transfer balance cap and annual contributions caps, an extension of the bring-forward measure to people aged 65 and 66 and a continuation of lower minimum pension drawdowns. Six-member SMSFs are finally a thing and last but not least, the phasing in of the Your Future, Your Super reforms.
- SUPER CONTRIBUTIONS GUIDES: Our guides to the newly-increased concessional and non-concessional contributions, plus co-contributions, SG, LISTO, Division 293 and MSCB have all been updated for 2021-22.
- AGE PENSION: The thresholds for the assets tests, income tests and deeming all increase on 1 July 2021, which means that more Australians can receive a full or a higher part Age Pension. The eligibility age for the Age Pension is also increasing by 6 months.
2021-22 SUPER CHANGES
What’s changed, what’s coming and how you’ll be affected. Read more.
What’s changed, what’s coming and how you’ll be affected. Read more.
A new financial year brings updated thresholds for a range of super measures. Take a look at the new numbers to check for opportunities. Read more.
A new financial year brings updated thresholds for a range of super measures. Take a look at the new numbers to check for opportunities. Read more.
The transfer balance cap limits the amount of your super savings you can invest in a tax-free pension for retirement. Read more.
The transfer balance cap limits the amount of your super savings you can invest in a tax-free pension for retirement. Read more.
Your total super balance determines whether you can use a range of valuable super measures. Learn how it works and what you could be eligible for. Read more.
Your total super balance determines whether you can use a range of valuable super measures. Learn how it works and what you could be eligible for. Read more.
After much haggling, the Government’s latest package of super reforms aimed at tackling high fees and low performance has passed through parliament. Read more.
After much haggling, the Government’s latest package of super reforms aimed at tackling high fees and low performance has passed through parliament. Read more.
2021-22 SUPER CONTRIBUTIONS GUIDES
Want to get more from your super? Start by understanding concessional contributions, the biggest and most tax-effective source of super savings. Read more.
Want to get more from your super? Start by understanding concessional contributions, the biggest and most tax-effective source of super savings. Read more.
Making a personal contribution into your super can be a great way to boost your retirement nest egg and enjoy the benefits of the super system. Read more.
Making a personal contribution into your super can be a great way to boost your retirement nest egg and enjoy the benefits of the super system. Read more.
An extra payment from the government can be a great way to boost your super if you have some money to spare. Read more.
An extra payment from the government can be a great way to boost your super if you have some money to spare. Read more.
It pays to understand the rules and the rate your employer is required to pay. Read more.
It pays to understand the rules and the rate your employer is required to pay. Read more.
The Low Income Super Tax Offset is a government rebate that can help boost your super and make saving for retirement a little easier. Read more.
The Low Income Super Tax Offset is a government rebate that can help boost your super and make saving for retirement a little easier. Read more.
High-income earners face a cap on the amount of income on which their employer must make SG contributions. Read more.
High-income earners face a cap on the amount of income on which their employer must make SG contributions. Read more.
High income this year? You may need to pay additional tax on your super contributions. Read more.
High income this year? You may need to pay additional tax on your super contributions. Read more.
COMING UP: Look out for our super contributions strategies coverage in SuperGuide’s July 2021 newsletter
AGE PENSION CHANGES
The age at which eligible retirees can start receiving the Age Pension has risen to 67. Bad news if you were born from 1957 on, but the good news is… Read more.
The age at which eligible retirees can start receiving the Age Pension has risen to 67. Bad news if you were born from 1957 on, but the good news is… Read more.
This article details the rules and limits of the Age Pension assets test (how much your savings and other assets are worth), which is one half of the means test … Read more.
This article details the rules and limits of the Age Pension assets test (how much your savings and other assets are worth), which is one half of the means test … Read more.
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the pension?”. Read more
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the pension?”. Read more
Current deeming rates and thresholds for the Age Pension income test. See exactly how your assets are assessed. Read more.
Current deeming rates and thresholds for the Age Pension income test. See exactly how your assets are assessed. Read more.
Our Age Pension calculator gives you an estimate of your potential Age Pension entitlements based on your situation, assets and income. Read more.
Our Age Pension calculator gives you an estimate of your potential Age Pension entitlements based on your situation, assets and income. Read more.
