Much will be written about Scomo’s “miracle” win and its implications. It’s certainly good news on the SMSF front. Apart from avoiding the legislative assault promised by Labor (“If you don’t like it don’t vote for us” said Chris Bowen) we can expect the following changes;
- removal of the work test requirement for those aged over 65 but under 66 as well as an extension of the 3 year bring forward rule to these members
- increasing the age limit for spouse contributions from 69 to 74 years.
- LRBAs will remain available but will be counted against the total super balance if related party loans or if the member has an unrestricted non-preserved balance
- Fixing the actuarial certificate legislation to remove their need where they are demonstrably unnecessary – 100% pension all year.
- Increase the maximum member number to 6
More importantly, we can expect the following items to continue;
- Franking credit refunds
- Absence of the 10% rule
- Catch up concessional contributions
