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Happy Financial New Year 2022!

Welcome to our latest newsletter, End of Financial Year Edition, in which we provide you with a brief checklist of items to consider.


A brief reminder of some of the types of contributions you may have the opportunity to make by 30 June 2022:

  • Concessional contributions up to $27,500 pa;
  • Non-concessional contributions (so long as Total Super Balance at 30 June 21 is less than $1.7m) – the cap is $110,000 pa;
  • Access the bring forward rules – up to $330,000 if eligible;
  • Access unused concessional contributions (30 June 2021 Total Super Balance must be less than $500,000)
  • Spouse contributions (rebate maybe applicable);
  • Contributions using the one-off work test exemption (30 June 2021 Total Super Balance must be less than $300,000).


It is important for members to reconcile all pension payments received from their SMSF retirement income streams since 1 July 2021 to ensure that there is no underpayment of the minimum pension payment required to be taken by 30 June 2022. If members do not withdraw the minimum pension required, then the SMSF will lose some or all of its tax exemption, and the relevant pension account will have to be rolled back to accumulation mode.

If you are unsure what your minimum pension requirement is, please contact us so that we can assist you in this regard. We are working through every fund to check in on this as we speak.


It is a requirement that all SMSF assets be valued at market value for reporting purposes. Whilst this is a simple process for listed securities, it can be quite complicated and time consuming to determine the market value of unlisted investments.

We recommend that all SMSFs that have either direct property or indirect investment in property via unlisted structures commence the process of getting updated market valuations as soon as possible so that the 2022 year end work is not held up. To note this does not have to be formal valuations but must be based on comparable sales data.

Some important changes from 1 July 2022


  • Individuals up to the age of 75 will no longer have to meet a work test to make voluntary, non-deductible contributions;
  • The bring forward rule will be extended to individuals up to the age of 75;
  • The minimum age to make downsizer contributions will reduce to 60.

work test

Currently, a member aged 67 to 74 can only make voluntary contributions to super if they have worked at least 40 hours over 30 consecutive days in the financial year. This work test must be met prior to them contributing.

From 1 July 2022, this work test will only apply to a member who wants to claim a tax deduction on voluntary contributions made to super. This means that the work test will no longer apply to any of the following contributions:

  • Non-concessional contributions
  • Spouse contributions
  • Salary sacrifice contributions

Further, where a member does make personal deductible contributions, they will be able to satisfy the work test at any time in the financial year.


  • The Superannuation Guarantee rate will increase to 10.5% pa;
  • The $450 minimum monthly threshold to be entitled to received Superannuation Guarantee will be removed;
  • Under the First Home Super Scheme eligible individuals will have access to an extra $20,000 of voluntary contributions to fund a home deposit (an increase from $30,000 to $50,000).

As always, don’t hesitate to contact one of the friendly Greenlight Super Services team members if you require further assistance on (02) 6273 1066 or info@glss.com.au.

This newsletter is for general information only. Every effort has been made to ensure that it is accurate, however it is not intended to be a complete description of the matters described. The newsletter has been prepared without taking in to account any personal objectives, financial situation or needs. The information contained is correct as of 6 June 2022

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