Work test exemption for contributions by recent retirees

From 1 July 2019, the Government will introduce an exemption from the work test for voluntary superannuation contributions by individuals aged 65-74 with superannuation balances below $300,000 in the first year that they do not meet the work test requirements.

Currently, the work test restricts the ability to make voluntary superannuation contributions for those aged 65-74 to individuals working a minimum of 40 hours in any 30-day period in the financial year.

SMSF member limit to increase from 4 to 6

The Budget confirmed that the maximum number of allowable members in new and existing self-managed superannuation funds (SMSFs) and small APRA funds will be expanded from 4 to 6 members from 1 July 2019.

SMSF audit cycle of 3 years for funds with good compliance history

The annual audit requirement for self-managed superannuation funds (SMSFs) will be extend to a 3-yearly cycle for funds with a history of good record-keeping and compliance.

The measure will apply to SMSF trustees that have a history of 3 consecutive years of clear audit reports and that have lodged the fund's annual returns in a timely manner. This measure will start on 1 July 2019.