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Update of Superannuation contribution rules from July 1, 2020
The rules around Superannuation contribution change almost every year, so it is important that taxpayers know what these changes mean to them.
The following outlines what has changed.
An increase in the age required for the work test.
From July 1, 2020, the age required rose from 65 to 67. The main benefit of this change is that it provides, where possible, an additional opportunity to implement voluntary super contribution strategies.
What taxable contributions can be made for the year ending June 30, 2021?
There is a cap of $25,000 per person for those able to make extra contributions to their super during the 2020/21 financial year. Any excess over this concessional contribution (CC) cap is taxed at the inpidual’s marginal tax rate.
CCs are contributions where a tax deduction is claimed and include:
- Superannuation guarantee contributions (SGCs)
- Employer voluntary / extra contributions like salary sacrificing
- Member taxable contributions claimed as a deduction in personal ITR.
The CC cap will, in most cases, exceed employer contributions in 2020/21. If this is the case, then consideration could be given to adding personal taxable contributions to get you up to the $25,000 limit.
The higher your income, the greater the tax savings and keep in mind that there is no upper age limit for being eligible to receive SGCs.
Carry forward provisions
An indivdual can carry forward CCs if their total superannuation balance (TSB) is less than $500,000.
Unused contributions can be carried forward for five years. This option came into effect in 2019/20.
An important consideration prior to June 30, 2021 is to see if you can utilise this carry forward option to bolster your CCs before the date noted.
Work test
If an inpidual is under 67, there is no work test required to be able to make a contribution.
The work test is where, once you turn 67, you must be able to show that you have been gainfully employed for 40 hours or more in any 30-day period in a financial year.
If an inpidual is between the ages of 67 to 74, they must meet the work test in order to make a contribution.
Splitting of contributions
An inpidual can split their CCs that are made on their behalf to a spouse but they need to meet certain requirements.
The main reasons to split contributions are to:
- Assist with the limit of only being allowed to have $1.6 million to start an account-based pension with
- Assist with ability to make non-concessional contributions (NCC) given the cap limit also of $1.6 million
- Assist with the ability to use the carry forward provisions given the member balance cap of $500,000
- Address age differences between spouses and the ability to access benefits at an earlier date
- Access Centrelink advantages by minimising a member’s account
- Allow a member to have sufficient superannuation to be able to pay life insurance.
Spouse rebate for super contributions
A spouse rebate, up to a maximum of $540, can be claimed for superannuation contributions for the year ending June 30, 2021.
If your spouse earns less than $37,000 per year and you contribute $3,000 into superannuation for them, you can claim a tax rebate of $540.
Spouse contributions can be made if you are aged under 75 from July 1, 2020.
What tax-free contributions can be made for 2020/21?
Non-concessional contributions (NCC) are those contributions made into a super fund from after tax income. In this case, an inpidual is not claiming a tax deduction. There is a cap for NCCs of $100,000 for the 2020/21 year.
Members under 65 have an option to contribute up to $300,000 over a three-year period, depending on their total superannuation balance (TSB). The rule works as follows:
TSB NCC and bring forward amount
< $1.4M $300,000 over 3 years
> $1.4 & < $1.5M $200,000 over 2 years
> $1.5 & < $1.6M $100,000 over 1 years
> $1.6M $0 (nil)
To be able to make an NCC, a member must meet the work test, as described above.
The increase from age 65 to 67 also impacts on the ceasing work contribution rule as of July 1, 2020 by given more time to make a NCC.
NCCs can be made on a once-off basis in the financial year after you have ceased employment if your TSB is less than $300,000 as of June 30 in the previous financial year. You also need to be under 75.
Downsizing contributions and how this applies to those over 65 years of age.
From July 1, 2018, anyone 65 years or older can make a downsizer contribution of up to $300,000 from the proceeds of selling their residential home.
The contribution is not an NCC and does not count towards the contribution caps, so it goes into superannuation as a tax-free contribution.
If a member has more than $1.6 million in superannuation, they are still allowed to make a downsizer contribution.
If the downsizer contribution is made and is placed into retirement phase, it will count towards a member’s transfer balance cap, which is $1.6 million.
If you are thinking of downsizing then speaking to a financial planner will help clarify eligibility requirements.
Get more from your super
If you have any questions on the above then simply ask us.
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Chris Wybenga
B.Bus, CA
Chris is the Managing Director of the Firm who established the practice in August 1994 and has been responsible for its growth and development since that time.
Chris has over 40-years experience in the Chartered Accountancy profession, predominantly spent in small to medium sized firms, advising small and medium sized businesses and individuals in areas such as taxation and accounting as well as business restructuring and superannuation advice.
Chris remains active in the development of young accountants through mentoring cadets at the Firm.
- 1980 – Commenced employment and part time university studies
- 1985 – Graduated Bachelor of Business from University of Technology, Sydney
- 1986 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 1994 – Established Wybenga & Partners
Dianne Bechara
B.Bus, CA
Dianne is responsible for the day-to-day operations and administration of the practice.
Dianne has over 30-years Chartered Accountancy experience and has significant expertise in providing advice and solutions to high-net-worth individuals and their associated entities. Dianne also has considerable knowledge in the areas of taxation, business services, superannuation, and compliance.
Dianne is active in promoting gender equality in the industry through various programs and mentoring opportunities. Dianne is also committed to the development of young accountants and donates considerable time to sharing her expertise.
- 1992 – Graduated Bachelor of Business from University of Technology, Sydney
- 1993 – Commenced employment in acounting profession
- 1996 – Commenced career with Wybenga & Partners
- 1997 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 2002 – Appointed as Director of Wybenga & Partners
Roger Potter
B.Bus, CA
Roger has over 40-years in the Chartered Accountancy profession and significant expertise in providing advice and solutions to small and medium sized businesses and high-net-worth individuals. He also has extensive experience in the areas of Self-Managed Superannuation Funds and retirement strategies.
- 1985 – Commenced employment and part time university studies
- 1990 – Graduated Bachelor of Business from University of Technology, Sydney
- 1992 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 1998 – Commenced career with Wybenga & Partners
- 2002 – Appointed as Director of Wybenga & Partners
Tess Uncle
B.Sc, M.Com, CA
Tess has been working in Chartered Accounting Firms since 2021 and in this time has had a broad range of experience in superannuation, taxation, business services and financial strategy.
Since 2016, Tess has turned her attention to Financial Planning, earning a Diploma of Financial Planning in 2015 and leading the financial division of Wybenga Group as a Director of Wybenga Financial.
Tess’s mission is to bring the ethics and integrity of her Chartered Accounting background to the area of wealth management.
As a woman in a male dominated field, Tess is active in promoting gender equality in the industry through various programs and mentoring opportunities.
Using her depth of knowledge and experience in tax and accounting Tess is able to demonstrate a level of competence that is unique in the Financial Planning sector.
- 2001 – Commenced employment with Wybenga & Partners and part-time accountancy studies
- 2004 – Graduated Masters of Commerce from the University of New South Wales
- 2005 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 2007 – Promoted to Manager at Wybenga & Partners
- 2012 – Appointed as Associate Director
- 2015 – Awarded a Diploma in Financial Planning
- 2016 – Appointed as Director of Wybenga & Partners Pty Ltd, Wybenga Group Pty Limited and Wybenga Financial Pty Ltd
Schedule a Meeting with Tess
Adam Roberts
B.Bus, B.Sc, CA
Adam has over 18-years experience in Chartered Firms and in this time has had a broad range of experience in superannuation, taxation, and business services. In particular, Adam has had significant experience in MYOB and assisting clients with periodic management reporting.
Adam is responsible for the implementation of technology in the Firm and sourcing new areas of innovation and efficiency.
Adam is active in the development of young accountants and donates considerable time to sharing his expertise.
- 2005 – Commenced employment with Wybenga & Partners and part-time Accountancy Studies
- 2005 – Graduated Bachelor of Science from the University of Western Sydney
- 2007 – Graduated Bachelor of Business from the University of Western Sydney
- 2010 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 2010 – Promoted to Manager at Wybenga & Partners
- 2012 – Appointed as Associate Director
- 2016 – Appointed as Director of Wybenga & Partners