Peter Burgess

The SMSF Association has significantly boosted its Resource Library content for its Fellow, Specialist and Associate members.

Recordings of the 2020 and 2021 National Conference sessions, as well as presentations and technical papers from the 2020 and 2021 Technical Summits, have been added to the library for the exclusive benefit of members.

And, to further boost the Association’s technical support service capabilities, Fabian Bussoletti has been appointed Technical Manager. Fabian is an experienced SMSF expert and a former senior member of AMP’s well-regarded TapIn technical services team.

Association Deputy CEO Peter Burgess says: “Our Fellows, Specialist and Associate members now have access to all the recorded sessions from prior year National Conferences and Technical Summits, enabling them to revisit and re-live these outstanding sessions.

“Logistically, it has been an enormous exercise to increase our Resource Library content by about 40%. In total, 28 technical papers and 62 technical presentations have been added over the past month.

“But we firmly believe it has been a very worthwhile exercise with the National Conference and Technical Summit sessions complementing other material in the library such as go-to guides, technically speaking bulletins, and white label documents.

“If you are a Fellow, Specialist or Associate member and you haven’t visited the library recently, now is a good time to look. Access to this material is an important member benefit that is designed to support the ongoing development of our Fellow, Specialist and Associate members.”

Burgess says Bussoletti’s appointment adds considerable experience and depth to the technical team. “It’s no secret we would like to see more practitioners undertake the SSA® program in our quest to enhance the quality of SMSF advice. Together with Fabian, Mary Simmons and Tracey Scotchbrook, the Association boasts a formidable and experienced team of technical writers and experts.

“This appointment means we have the scale and capabilities to continue to invest in our SSA® program so that it remains the benchmark for SMSF practitioners. Considering Fabian’s extensive technical support experience, his appointment also enables us to enhance the level of SMSF technical support to members.

“The recent enhancements we have made to our SSA® program, the addition of past conference materials to our library and Fabian’s appointment underpin a renewed focus on the core components of our member value proposition – growing expertise, fostering connections and leading the sector.”

Commenting on his appointment, Bussoletti said he was excited to be joining the Association’s technical team. “I have always been impressed by the work the Association does to promote professionalism and higher education standards in the SMSF sector, and I look forward to working with the team and Association members.”

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Fabian Bussoletti

Australians close to retirement will have the opportunity to contribute more money into their superannuation should several new measures announced in the Federal Budget become law.

The government has revealed three key changes to super policy, broadly amending certain age and work test requirements while also extending the ability to bring-forward non-concessional superannuation contributions. These changes will give Australians more flexibility and the ability to contribute more money into super as they near retirement.

AMP Technical Strategy Manager Fabian Bussoletti has analysed the budget papers and made the following key findings.

Work test abolished for Australians aged 65 and 66

The government has announced from July 2020, people aged 65 and 66 will be able to make voluntary concessional and non-concessional super contributions without having to first meet a work test.

Currently, when Australians reach age 65, the ability to make superannuation contributions becomes more difficult as there is a requirement to meet a work test of 40 hours over a consecutive 30-day period.

“Abolishing the work test for those aged 65 and 66 gives people more time to make super contributions both concessional and non-concessional.

“They may have the ability to continue making super contributions to better position themselves in the lead up to their retirement from both a tax and social security perspective,” Mr Bussoletti said.

For example, this measure may assist people when implementing strategies such as:

• Making personal deductible contributions to manage personal tax liabilities, which may also include catch-up concessional cap contributions.
• Contributing the proceeds from the sale of large assets (including the family home and small business assets) and inheritances.
• The re-contribution strategy.
• Short-term Centrelink asset-sheltering strategies.

Age limit increase for spousal contributions

The government also made a commitment to increase the age limit for spousal contributions from 69 to 74 years.

Under current law, those aged 70 or more cannot receive contributions from their spouse.

Mr Bussoletti said: “This proposed measure means someone looking to prop up their working partners super will now have more time to do so. Similarly, it will also provide couples with greater opportunities to equalise superannuation balances before commencing retirement pensions.”

Bring-forward arrangements age limit increased

And finally, the government has also announced that people aged 65 and 66 will also be able to make up to three years of non-concessional contributions under the bring-forward rule. Currently this ability is broadly restricted to those under age 65.

“By extending the age limit where people are able to take advantage of these bring-forward arrangements, the government is providing increased opportunity for Australians to make super contributions even when they are very close to retirement as part of their overall retirement planning,” Mr Bussoletti said.

The annual non-concessional contribution cap is currently set at $100,000. However, the bring- forward arrangements broadly allow eligible Australians to make up to three years’ worth of non- concessional contributions into super in one year. This enables a maximum non-concessional contribution of up to $300,000 by bringing forward up to the next two financial years’ non- concessional contribution cap.

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