Australian Superannuation Handbook 2021-22

ISBN: 9780864697363
Publisher: Thomson Reuters
Publish Date: 31/07/2021

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Australian Superannuation Handbook 2021-22

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Australian Superannuation Handbook 2021-22

Despite ongoing reforms, superannuation remains a tax effective investment structure to achieve wealth creation and retirement objectives.

To guide clients through the maze of tax, superannuation and social security provisions, accountants and other professional advisers need a working knowledge of the latest changes.

Current to 1 July 2021, the Australian Superannuation Handbook 2021-22 is an essential companion for tax practitioners to help comply with the latest superannuation regulatory requirements.

The superannuation contributions caps have increased from 2021-22 providing extra scope for contribution strategies. The concessional contributions cap has increased to $27,500, while the non-concessional cap is $110,000 from 2021-22 (or $330,000 under the bring-forward rule over 3 years). The total superannuation balance threshold for making non-concessional contributions has also increased to $1.7m.

Another layer of complexity has been added to the pension cap regime with the indexation of the general transfer balance cap from $1.6m to $1.7m. From 2021-22, each individual has their own personal transfer balance cap of between $1.6m and $1.7m. The superannuation guarantee regime is also back in focus with the SG rate for employers increasing to 10% for 2021-22 (up from 9.5%).

In the SMSF space, limited recourse borrowing arrangements (LRBAs) remain a compliance focus point for the Tax Office and require sophisticated planning. Superannuation trustees also face additional regulation and obligations as the Government moves to implement its Your Future, Your Super package of reforms.

What's new in Australian Superannuation Handbook 2021-22

                     Increased contribution caps; carry forward of unused caps

                     Pension transfer balance cap indexation and reporting

                     SMSFs – ATO compliance focus

                     COVID-19 measures – early release; pension drawdowns

                     Estate planning for death benefits – tips from recent cases

                     2021-22 Budget measures – SMSF residency; legacy pensions

                     Implementation of Royal Commission reforms

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