SMSF Association Submission
The SMSF Association welcomes the opportunity to put forward our 2022-2023 Pre-Budget submission.
We thank the Government and Treasury for the consideration given to our pre-budget submissions in previous years and in particular the key superannuation measures included in last year’s Budget pronouncements.
We ask that the Government actively seeks and encourage passage of the Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021, currently before the Parliament.
This Bill contains important legislative reform for our sector as well as the broader superannuation system that were included in last year’s Budget. This includes the following measures which are intended to apply from 1 July 2022:
- Decreasing the age at which downsizer contributions can be made from 65 to 60
- Removing the work test for members aged less than 75 and the extension of the bring forward rule for non-concessional contributions
- Removal of $450 a month threshold before an employee’s salary or wages counts for SG
- Increase first home saver release amount from $30,000 to $50,00