End of financial year countdown
It’s a big time of year in the world of small business and tax, so we’ve put together a quick checklist and some key changes… from End of financial year countdown
There have been recent changes to downsizer contributions for superannuation.
The minimum eligibility age for downsizer contributions will be widened from 60 years and over to 55 years and over.
Additionally, the following changes were announced for individuals in receipt of Government assistance:
The measure will have effect from the start of the first quarter after Royal Assent of the enabling legislation.
A downsizer contribution is a one-off post tax contribution to superannuation up to $300,000 per person from the sale of their home. In the case of couples, both can contribute, and downsizer contributions do not count towards non-concessional caps.