SMSF Warehouse | Recent Updates
1. Super guarantee rates
The current superannuation guarantee rate is 12%. This increase has been legislated by the Australian Government.
2. Contribution caps
From 1 July 2026, the concessional contributions cap is increased from $30,000 to $32,500. The increase is a result of indexation in line with average weekly ordinary time earnings (AWOTE).
From 1 July 2026, the Non-Concessional Contribution cap will increase from $120,000 to $130,000. Please note that if the superannuation balance is more than $2.1 million, the member cannot make any further Non-Concessional Contributions to the Fund as of 1 July 2026. If the account-based pension is commenced on or after 1 July 2026, their balance cap will be $2.1 million.
3. Binding death benefits
The High Court passed down its judgement on 15 June 2022 in the case of Hill v Zuda Pty Ltd regarding the validity of Binding Death Benefits Nominations. The High Court decided that if the SMSF’s governing rule allows, the BDBN in the Fund does not lapse every three years and does not need to be witnessed by two people. It’s different from the requirements of Retail and Industry Funds. A Binding Death Benefits Nomination template can be downloaded here.
4. Bring forward rules
From 1 July 2026, the bring-forward rule cannot be applied on Members who are aged 75 or over. The maximum amount of non-concessional contribution for an individual aged 75 or over is $130,000 per annum. If the non-concessional cap is exceeded, Members may withdraw the excess amount from the Fund, otherwise the excess amount may be taxed at the marginal tax rate.
5. New age limit for downsizers
Members who are 60 years of age and above may be able to contribute up to $300,000 when they sell their home.