Web14 Apr 2024 · Key Points. From 1 July 2024, the work test will no longer apply to voluntary super contributions for those aged 67 to 74. This change will give older Australians greater flexibility to contribute to their superannuation. The existing $1.7 million cap on lifetime superannuation contributions will continue to apply. WebIn an SMSF, all members of the SMSF are also Trustees of the SMSF, therefore a contribution is usually allocated to a specific member as soon as the SMSF receives it. However, if the contribution is received by the SMSF in June of a Financial Year, then the SMSF Trustee can make an election to allocate the contribution to a specific member in …
What you need to know about the new work test exemption
http://smsfwarehouse.com.au/non-concessional-contributions/ Web8 Dec 2024 · Speaking to SMSF Adviser, Colonial First State head of technical services Craig Day said that following the work test changes, the FirstTech team has been receiving a lot … county of bloomington il
What SMSF trustees need to know for the year ahead
Web25 Jan 2024 · The 4 keys things for SMSFs to consider in 2024 25 Jan, 2024 ... The bill essentially abolishes the work test (40 hours work in a 30-day period) so Australians aged between 67 and 75 can also make non-concessional contributions to superannuation. As expected, the new rules also extend to bring forward opportunities up until the year in … WebIn the 2024-22 Federal Budget, the Government proposed relaxing the residency requirements for SMSFs by extending the CMC test safe harbour from two to five years and removing the active member test for both SMSFs and SAFs – allowing members to continue contributing while temporarily overseas. The start was 1 July 2024, but never became law. Web11 Apr 2024 · SMSFs or Self-Managed Super Funds are becoming a popular option Australians appear to be shifting towards. It's a way for Australians to have full control ov... county of bivins tx