As hoped, the Federal Government’s 2018 Budget did not contain too many changes in relation to superannuation and what changes were announced were generally positive. They included:

As previously announced, increasing the maximum number of members in self managed superannuation funds (SMSFs) and small-APRA funds from 4 to 6
Permitting SMSFs to be audited every three years (rather than annually) if they have a good compliance history
Allowing high income earning employees (ie earning more than $263,157) with multiple employers to partially opt of the superannuation guarantee regime and receive wages in lieu of contributions (ie to ensure they don’t exceed their concessional contributions cap from multiple employer contributions)
Increasing the administrative requirements for individuals to claim personal deductible contributions (via a requirement to notify in tax returns that a notice of intent has been lodged)
Members aged 65 to 74 will not have to satisfy the work test for the first year they do not meet the work test requirements provided they have less than $300,000 in total super balance - this is a very limited concession given its only an additional one year and is only available to members with relatively low balances

To discuss this further or for more information please contact:

Phil Broderick
Principal
Sladen Legal
T +61 3 9611 0163 l M +61 419 512 801
Level 5, 707 Collins Street, Melbourne, 3008, Victoria, Australia
E: pbroderick@sladen.com.au

Melissa Colaluca
Senior Associate
Sladen Legal
T +61 3 9611 0161
Level 5, 707 Collins Street, Melbourne, 3008, Victoria, Australia
E: mcolaluca@sladen.com.au