Your Future Your Super Bill Reforms Provide Opportunities

Significant advice opportunities have been created, particularly for older clients, as a result of the passing of the 2021 Federal Budget super proposals.

We summarise the Your Future, Your Super reforms to help you navigate the new rules as well as highlight key advice opportunities to maximise client outcomes in 2022 and beyond.

From July 1st 2022, the changes provide significant strategic advice opportunities, particularly in relation to older clients and super contribution strategies. The legislated changes include:

removal of the work-test requirement for non-concessional contributions (NCCs) and salary sacrifice contributions, for individuals aged between 67 and 75.
extending eligibility to make NCCs under the bring-forward rule to individuals aged under 75 at the beginning of the financial year
extending eligibility to make downsizer contributions to those age 60 or over, and
an increase to the maximum amount of voluntary contributions made to super that can be released under the First Home Super Saver Scheme (FHSSS).

The amendments may provide a range of new advice opportunities for clients who thought the super door was permanently closed to them. The strategic opportunities surpass simply boosting an individual’s super balance.

Check out my latest Retirement & Money podcast episode for more details around potential opportunities for you. These changes have been coming since Budget Night 2021, but now we can act on them from July 1st 2022.