From the 1st of July 2021, Self Managed Super Funds will now be allowed to have up to 6 members.
Superannuation concessional and non-concessional contribution caps will be indexed from 1st of July 2021. The new caps will be $27,500 for
concessional contributions and $110,000 for non concessional contributions or $330,000 using the3-year bring forward rule.
|Contribution Caps (annual)|
|All ages||17/18 - 20/21||21/22|
|Concessional contribution (CC) cap||$25,000||$27,500|
|Non concessional contribution (NCC) cap||$100,000||$110,000|
From the 1st of July 2021, the super guarantee rate will rise from 9.5% to 10%
The general transfer balance cap was $1.6 million. From the 1st of July 2021, It will be indexed to $1.7 million. When the general
transfer balance cap is indexed to $1.7 million, there won't be a single cap that applies to all individuals. Every individual will have
their own 'personal transfer balance cap' of between $1.6 and $1.7 million.
The cut-off age for accessing the bring forward non-concessional cap will increase from 65 to 67 years. This now aligns with the 'Work Test' now required at age 67. This means that individuals aged 65 and 66 who were not previously able to access the bring forward cap due to their age may not do so.
Account based pension minimum withdrawals reduced by 50% in 2021/22 financial year due to the impact of Covid-19
2021-22 income year
|95 or more||7%|
This is general information only and does not take into account your personal objectives or circumstances. Please contact Ashfords and talk to one of our Superannuation Specialists before acting on any of this information, we can provide personalised advice.