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Work Test Exempt Contributions (aka "last drinks contributions") - details now released


In the 2018 May Budget, the Government announced the proposal to allow individuals who are recent retirees and who have attained age 65, to make last chance voluntary contributions by providing a one year exemption from the work test. This proposal will apply from 1 July 2019 to the 2019/20 and subsequent financial years. As draft legislation to implement the proposal has now been released (2nd October 2018), it is possible to consider the proposal in detail.

Pension Age to remain at 67


One of the first announcements made by the new Prime Minister has been in relation to the pension age for entitlement to the Government's Age Pension. The previously announced policy of the Government was to gradually increase the pension age from 67 to 70 (to be achieved in or around 2035).

FHSS Determinations & Release Authorities - up and issuing


The first home super saver scheme (FHSS scheme) has been officially up and running since 1 July 2018. Under this scheme individuals who have never owned a home can have access to their super savings to buy their first home.

Excess Transfer Balance Determinations - now being issued!


The ATO is now processing the first transfer balance account reports (TBARs) provided by SMSFs. This in turn is giving rise to the ATO identifying taxpayers who have exceeded their transfer balance cap and the ATO issuing excess transfer balance determinations.

EPAdvantage Member Program - your access & benefits


SUPERCentral, in conjunction with Townsends Lawyers, have developed the EPAdvantage estate planning member program which is now available to our advisers using the SUPERCentral Testamentary Manual system. It is a complimentary, value-added program that provides registered SUPERCentral members with professional support, PD training and the resources needed in growing a successful estate planning practice.