June Premier Financial Planning Newsletter

Welcome to the June edition of the Premier Financial Planning newsletter, the 1st day of Winter sure is here!

We have been a bit quiet lately with our newsletters but we have been keeping busy behind the scenes, showing our newest employee the ropes. If you see a new friendly face in the office please say hi to Katie, we are so lucky to have Katie join our team!

After 2 years of COVID ruining our plans to host our annual seminar we are so excited to be able to have it back this year! The date will be announced in the coming months newsletter, we will be holding an evening seminar at Morrison’s Moama winery in November.

There is some changes being introduced to superannuation legislation. Below is a summary of changes due to commence on 1 July 2022:-

Removal of the work test
Individuals aged between 67 and 75 will be able to make non-concessional contributions to superannuation without having to meet the work test.
The work test will only be required for these individuals if they wish to claim a tax deduction for the personal contribution.

Non-concessional contributions for individuals turning age 75 in June 2022
For individual turning age 75 in June 2022, there will be small window of opportunity to make a non-concessional
contribution of up to $110,000 between 1 July and 28 July 2022 subject to their TSB being below $1.7m on 30 June 2022.

Extension to eligibility for downsizer contribution
Downsizer contributions will be available to individuals aged 60 and above at the time of making the contribution.
Currently the minimum age for Downsizer contributions is age 65 at the time of making the contribution.

Changes to Superannuation Guarantee contributions
The minimum monthly income threshold of $450 that is currently applied to Superannuation Guarantee (SG) contributions
will be abolished. In addition, the rate of SG will increase to 10.5% of ordinary time earnings. The current rate for SG is currently 10% of ordinary time earnings.

Extension of temporary reduction in minimum pension drawdowns
The current 50% reduction to minimum pension payments will be extended until 30 June 2023.

Increasing the First Home Super Saver maximum releasable amount
The maximum amount of voluntary contributions that can be released from super to purchase first home will increase from $30,000 to $50,000.

If you have any questions around the changes or need any assistance in making contributions for this financial year, please get in touch with Robert on 0457 305 785 or Troy on 0418 183 988 prior to the 15th to avoid the cut-off, 30th June, 2022.

Keep warm,

-The Premier Financial Planning team.

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