Direct from Parliament House, Jonathan Steffanoni partner at QMV Legal has prepared the following summary of superannuation related announcements in the Federal Budget 2021-22.

Federal Budget 2021-22: Key Changes Superannuation

• Removal of the minimum threshold of $450 monthly earnings with an employer in order for SG to be payable;

• Increase in the maximum amount that can be released under the First Home Saver Superannuation Scheme from $30k to $50k;

• Lowering the eligibility age from 65 to 60 for members to make downsizer contributions to their superannuation fund;

• Measures aimed at phasing out some legacy retirement income products;

• Repealing the Work Test in relation to contributions for members aged between 67 and 74 years of age; and

• Abandonment of previously announced plans to allow for early release to victims of family and domestic violence.

There are further changes and measures which are also relevant, but you will need to open the document to see these.

Hopefully this saves you from having to navigate through all of the papers in the morning!

If your organisation needs assistance with superannuation law and compliance, QMV Legal can help.

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