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.
- 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
Keeping up with the constant rule changes to super can be tricky, so here’s our annual list of what you need to know.Read more
With so many recent changes to super, we’ve compiled this handy list of the rates, caps and thresholds that now apply.Read more
Life is never quiet for SMSF trustees. With new contribution limits and recovery from the pandemic, it looks like the new financial year will be no different.Read more
The amount you can have in a super pension account (known as the transfer balance cap) just increased, but so did the complexity of the rules.Read more
Recent increases to contribution caps also impact your total super balance. Here’s how it works.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
Concessional contributions are taxed at concessional rates, so to make the most of them it’s important to understand how they work.Read more
Non-concessional contributions are a great way to top up your super retirement savings. Here’s our simple guide to how they work.Read more
Getting the government to top up your super account can be easy way to boost your retirement savings. Here’s an easy guide to the tips and traps.Read more
For most of us, our employer’s regular SG payments are the main source of contributions going into our super, so it pays to understand what they are.Read more
If you can find spare cash to make a contribution into your super account, you could be eligible to receive the LISTO top-up of up to $500 from the government.Read more
High income earners face a quarterly cap on the amount of income on which their employer must make SG contributions. Here’s the limit for 2021-22 and previous years.Read more
High-income earners pay extra tax on their concessional super contributions, so it’s important to understand the rules.Read more
AGE PENSION CHANGES
There are a range of benefits attached to the Age Pension, so there’s a lot riding on when you can access it.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 (along with the income test) that determines how much Age Pension you could be eligible for.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
Under the deeming rules, you are ‘deemed’ to earn a certain annual rate of return on your financial assets, regardless of the rate of return you actually earn.Read more
Our Age Pension calculator gives you an indication of potential Age Pension entitlements. The Age Pension rates are those that apply from 20 September 2021 to 19 March 2022.Read more