. For the first time, individuals aged between 67 and 75 will no longer need to satisfy a work test to make voluntary super contributions.
This reform acknowledges that many people retiring today have been receiving compulsory superannuation only since 1992. This initiative will allow them to continue making voluntary contributions long after they have retired. Option one is the default if you receive a determination and don’t choose within 60 days because this option attracts the least amount of tax.
The law has been amended to reduce the eligibility age to make downsizer contributions into superannuation from 65 to 60. This change, combined with the proposals regarding the removal of the work test and ability to use the bring-forward rule later in life, will broaden the ability of SMSFs to contribute proceeds to superannuation.
And finally a completely ridiculous rule got rid off. We should hunt down the imbecile who thought that stupid rule was a clever thing in the first place and give them a good talking to. Moronic from the get go, but we just run with it for decades before commonsense prevails.
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