Budget 2018: Superannuation Funds

Superannuation is vitally important, and the government has put it front and centre with major updates to SMSFs and work test exemptions for people aged 65-74. Here are all of the changes and updates you should be aware of to keep your super in check.

Updates to SMSFs:

  • The maximum number of allowable members in SMSFs and small APRA funds will be increased to six from 1 July 2019.
  • The annual audit requirement for self-managed superannuation funds will be changed to a three-yearly requirement for funds with a history of good record keeping and compliance. This measure will commence on 1 July 2019.

The ability for high-income earners to nominate which employers are not subject to SG: 

  • Individuals whose income exceeds $263,157, and have multiple employers, will be able to nominate that their wages from certain employers are not subject to the superannuation guarantee (SG) from 1 July 2018.

Work test exemptions:

  • An exemption from the work test for voluntary contributions to superannuation will be introduced from 1 July 2019 for people aged 65-74 with superannuation balances below $300,000, in the first year that they do not meet the work test requirements.
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