Superannuation Budget Highlights 2019

Superannuation

• Members of regulated superannuation funds will not have to meet the work test after 1 July 2020 if they are 65 or 66 years of age.

• The restrictions on claiming the spouse contribution tax offset will be eased from 1 July 2020, giving 70 to 74- year old spouses eligibility.

• The calculation of exempt current pension income will be simplified for superannuation funds from 1 July 2020, allowing a preferred method of calculation and removal of some actuarial certificates.

• Transitional tax relief for merging superannuation funds will become permanent from 1 July 2020.

• SuperStream will be expanded from 31 March 2021 to include electronic ATO requests for release of superannuation funds and SMSF rollovers.

• An expression of interest process will be undertaken to identify options to support the establishment of a Superannuation Consumer Advocate.

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