1 July 2022 – Superannuation contribution changes

Several key super changes which may impact your ability to contribute to your SMSF, are set to take effect from 1 July 2022. These changes create opportunities for all SMSF members, young and old, to grow their retirement savings.

What are the changes?

Originally announced in the 2021 Federal Budget, the following changes apply from 1 July 2022:

  • Individuals up to the age of 74, will no longer need to meet a work test to make voluntary, non-deductible, contributions
  • Individuals up to the age of 75, with a total super balance under $1.7 million, will have the opportunity to make large non-concessional contributions (possibly up to three years’ worth) in a single year
  • The minimum age to make downsizer contributions will reduce to 60, allowing more individuals to use the proceeds from the sale of their home, to fund their retirement
  • The Superannuation Guarantee (SG) rate will increase to 10.5% p.a. for all and the $450 minimum income threshold for SG contributions, will be removed
  • Under the First Home Super Saver Scheme (FHSSS) eligible individuals will have access to an extra $20,000 of voluntary contributions to fund a home deposit.

How can you benefit from these changes?

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Boutique Accounting Business of the Year 2021 – Eastern Australia, Client Service Excellence Award 2021

Winner!


We have won the Boutique Accounting Business of the Year 2021 – Eastern Australia, Client Service Excellence Award 2021 (Small Business Awards 2120 by Corporate Vision).


This represents our hard work and dedication. Their merit led selection process narrows down nominees in order to seek out exclusively the very best that the Small Business industry has to offer on a global scale.

Foxton Financial is up for an Award – IPA Practice of the Year Award

We have some exciting news, Foxton Financial is up for an Award!

We are a member of the Institute of Public Accountants (IPA) and each year they sponsor two very important awards, namely the IPA Member of the Year Award and the IPA Practice of the Year Award.  I am proud to tell you that we have been nominated for the 2021 Practice of the Year Award.

The nomination recognises the contributions we have made to Accounting Industry as well as our community service work.

We are hoping we can count on your support by way of an endorsement, we know you are busy, but you have helped us win this award in 2020 and 2019. It would be a HUGE achievement if we could make it 3 years running!

If you could kindly take 2-3 minutes to complete a brief survey supporting our nomination that would be greatly appreciated.

To complete the short survey please click here.

If you would like to learn more about the IPA, please click here.

Please do not hesitate to ask should you have any question or concerns.

Thank you in advance for your support and time.