Cut-off times for making personal contributions for 2021/2022 financial year
- Electronic Funds Transfer (EFT): Must be received by Monday, 27 June 2022:
- BSB: 083 088
- Account: 87 714 5636
- Ref number: Mason Stevens Retail Super - [Member Number]
- BPAY®: Must be received by us by no later than 5pm (AEST) Monday, 27 June 2022.
- Biller code: 211 193
- Ref number: Please check the platform for the Member’s unique reference number.
Notice of Intent to Claim a Tax Deduction
If your client is claiming a tax deduction for this financial year, we encourage you to have the Notice of Intent to Claim Form completed and sent to firstname.lastname@example.org by 27 June 2022.
Annual pension review - new nominations for 2022/2023
Unless you have advised us otherwise, the July pension payment amounts will remain unchanged from the June pension payment amounts, until the annual pension review is finalised and the new entitlements are calculated for the new financial year.
Minimum Pension Payment Factors to remain at reduced levels for 2022-23 Financial Year
- The Federal Government announced an extension to the temporary reduction in superannuation minimum drawdown rates for a further year to 30 June, 2023.
- The reduction will remain at the same level as the 2021-22 financial year
- Table below outlines the withdrawal rates per age group:
What does this mean for members?
Members who have elected to receive the minimum pension payment for 2021-22 will continue to receive the minimum as per the above reduced rates unless Mason Stevens is instructed otherwise by the adviser or member.
Repealing the work test for voluntary super contributions
From 1 July 2022, members who are under 75 years old can make or receive personal superannuation contributions and salary sacrificed contributions (within their existing contribution cap limits) without needing to meet the work test.
Members will still need to meet the work test to claim a personal contribution deduction.
Extending access to downsizer contributions
If members have reached the eligible age, they may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of a home into their superannuation fund.
From 1 July 2022 the eligible age is 60 years old or older. Prior to this it is 65 years old or older.
If you have any further questions or need assistance, please contact Mason Stevens Super Member Services on 1300 988 878 or email email@example.com.