The Federal Government recently delivered on one of its major 2021/22 Budget announcements, which provides individuals with the capacity to contribute to superannuation up to 28 days following the end of the month they turn 75.  Contributions are still subject to an individual’s total superannuation balance, however, trustees no longer need to be concerned with the work status of an individual to accept a contribution rather the emphasis has shifted to the member being satisfied that have met the work test prior to claiming a personal deduction.  This will be one less consideration for SMSF auditors from the 2022/23 year onwards.  Other Budget measures that were passed, specifically the reduction in age eligibility for Downsizer contributions to 60, mean that the entire contribution strategy goalposts move from 1 July 2022.

This webinar will go through how the new work test arrangements will work for those aged 67-75 and consider the strategic implications of extending the contribution timeframe, including how they may result in greater excess contributions.  We will also contemplate how these changes impact other strategies such as making small business CGT contributions, undertaking recontribution strategies, transferring benefits from overseas funds as well as commencing pensions.

Leaning Outcomes:

At the end of this webinar, participants will have an appreciation for:

How the timing of the downsizer contribution can impact other contribution strategies

Whether bring-forward contributions are relevant beyond 2022

The eligibility for the work test exemption beyond age 67

The impact these changes may have on excess non-concessional contributions

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Presenter: Tim Miller

Cost: FREE

Date: 10th May 2022 (Tuesday)

Time: 12:30 PM – 01:30 PM AEST

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Tim Miller

Education Manager

Tim Miller is one of Australia’s leading SMSF educators and presenters with over 23 years’ experience in the Superannuation industry.  His experience has been gained through providing legislative and compliance support to thousands of Trustees, Accountants and Financial Planners since joining the SMSF sector in 1999.  In addition to servicing the needs of SMSF clients, his practical and personable approach to compliance has made him a much sought after presenter.

Tim regularly presents at the major SMSF conferences and events, contributes to various trade and general publications and is the author of one of the subjects of the SMSF Association Graduate Certificate delivered through the University of Adelaide and Kaplan, which has also been adopted as part of the CA ANZ SMSF specialist program.

Tim is an SMSF Association Specialist Adviser.