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Super changes for 2019


Downsizer contributions into superannuation

The contributing the proceeds of downsizing to superannuation measure was one of several measures announced in the 2017-18 Budget as part of the Government’s package of reforms to reduce pressure on housing affordability.

Older Australians choosing to sell their home and downsize or move homes that no longer meet their needs are provided with the benefit of being able to contribute the proceeds from the sale of their home into superannuation.

Schedule 2 to the Bill allows an individual to use the proceeds in relation to one sale of their main residence to make contributions (downsizer contributions) of up to $300,000 to their superannuation provider if they are 65 years of age or over and meet all the eligibility requirements.

Downsizer contributions can be made regardless of the other contributions caps and restrictions that might apply when making voluntary contributions.

Super Changes not passed prior to the 2019 federal election

·         3-year Audit

The Government recognises that self-managed superannuation fund trustees appropriately face a number of regulatory requirements in administering their funds. However, the Government is committed to reducing red tapes and compliance burden for SMSF trustees.

Under this measure, audits conducted for SMSFs on a three-yearly audit cycle will cover all of the three preceding years, maintaining integrity within the SMSF sector. SMSFs that do not meet the eligibility criteria will not be eligible for a three-yearly audit cycle and will continue to be annually audited.

 

·         Increase SMSF membership from 4 to 6

The Bill makes amendments to the Superannuation Industry Act 1993, ITAA 1997 and Superannuation (Unclaimed Money and Lost Members) Act to increase the maximum number of allowable members in SMSFs from 4 to 6.

It appears that the above changes may not go through in the future.

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