August 2021
Reminder of superannuation caps indexation for 2022
From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.
The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000). The new non-concessional (i.e., non-deductible) contributions cap for the 2022financial year is now $110,000 or (where the 'bring forward' rules are applicable) $330,000 over three years (increased from $100,000 or $300,000 respectively).
Other headlines in this month's update:
- Division 7A benchmark interest rate for 2022 remains unchanged
- Changes to STP reporting from 1 July 2021
- Maximum contributions base for super guarantee
- The 'gigs up' with a new sharing economy reporting regime
- Taxable Payments Annual Reports ('TPARs') due 28 August
- New FBT retraining and reskilling exemption available
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