Age Restriction Changes on SMSFs

Age Restriction Changes on SMSFs

Non-mandated Contributions

From 1st July 2022 there will be changes to non-mandated contributions to Self Managed Super Funds. Your SMSF will be able to accept non-mandated contributions which are received on or before the day that is 28 days after the end of the month in which a member turns 75 years of age. Further, there is no longer a requirement for the member to meet the work test.

Downsizer Contributions

From 1st July 2022, the eligible age to make downsizer contributions will be reduced to 60 years of age.

More information here:

https://www.ato.gov.au/super/self-managed-super-funds/in-detail/smsf-resources/smsf-technical/returning-contributions/?page=2chnical/returning-contributions/?page=2re

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