Senate passes 6 member fund Bill and non-concessional contribution (NCC) cap bring forward extension to individuals aged 65 and 66. On 17 June 2021, the Australian Senate passed, without amendment, both the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 and the Treasury Laws Amendment (More Flexible Superannuation) Bill 2020. These measures extend the NCC […]

Pension minimum drawdown reduction extended In its 2020 economic response to the COVID-19, the Australian Government announced a temporary reduction to superannuation minimum drawdown requirements for account-based pensions and similar products for 2019-20 and 2020-21.  This temporary reduction has been extended for a further year to 30 June 2022. What does this mean? The minimum […]

About 8.3 million Australian workers are set to get a boost to their long-term savings from July. On July 1, the compulsory superannuation guarantee contribution made by employers rose from 9.5 per cent of your base salary to 10 per cent. For someone on average earnings of $68,000 this will mean an extra $6.50 per […]