The Super Guarantee (SG) requires employers to pay a minimum level of super support for eligible employees. However, the $450 per month threshold is abolished from 1 July 2022.
This year when considering your annual tax planning, it is more important than ever for multi-generation farming and grazing enterprises to be thinking about what their future is to look like and how the possible scenarios for farm succession could be planned for, in the most financially effective way.
Soon older Australians will no longer have to meet the work test to make super contributions. From 1 July 2022, members under 75 years of age will be able to make or receive personal contributions and salary sacrificed contributions without meeting the work test.
From 1 July 2022, the eligible age to make a downsizer contribution to their superannuation fund has reduced from 65 to 60 years old.