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  • CRT Alert 002/2022

    Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022 have been released

    The Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022External Link to support the reduced eligibility age for downsizer contributions into superannuation from 65 to 60 years, and to repeal the work test for non-concessional and salary sacrificed contributions for individuals aged from 67 to 74 years (inclusive) are now law.

    These Regulations amend the Income Tax Assessment (1997 Act) Regulations 2021, the Retirement Savings Accounts Regulations 1997 and the Superannuation Industry (Supervision) Regulations 1994.

    Important information

    These changes simplify the contributions acceptance rules for each of the age groups, removes the work test requirements except in limited circumstances and, provides for the acceptance of downsizer contributions from a member who is 60 years or more.

    Work test conditions may still apply for individuals aged from 67 to 74 years (inclusive) who wish to deduct certain personal contributions.

    For you, this means the general oversight of the work test rules will move to the ATO rather than at the point of a fund accepting contributions.

    What you need to do

    You need to be aware of these changes and be ready for when they commence, from 1 July 2022.

    If you have further enquiries on this matter, lodge a request using the Super Enquiry ServiceExternal Link.

      Last modified: 07 Mar 2022QC 68090