- CA ANZ welcomes these changes which makes compliance easier
- New rules likely to take effect from 1 July 2022
The Federal Government will amend the super fund residency rules which technically apply to all super funds but in practice only apply to self-managed super funds (SMSF), says Tony Negline, Superannuation Leader at Chartered Accountants Australia and New Zealand.
- Central control and management – the safe harbor will increase from two years to five years
- The active member test will be abolished
The requirement to have at least one asset based in Australia is likely to remain.
As a result of these changes, those living overseas and satisfying these rules will be allowed to contribute to their SMSF.
"This is a welcome change that shows government has listened to industry," said Negline.
The change will commence from the start of the first financial year after the enabling legislation receives Royal Assent. The government expects this to be from 1 July 2022 onwards.
Back to Budget Hub
Read more of what the CA ANZ advocacy experts say about the Federal Budget, plus all the information and commentary CAs need to know.Read more