Superannuation | October Federal Budget 2022-23

Superannuation Federal budget

The Federal Budget delivered very few changes for superannuation, providing some comfort to an industry often subjected to Government tinkering. 

The Government confirmed its election commitment that the eligibility age to access a downsizer contribution to superannuation will be reduced from age 60 to age 55 to increase the availability of housing for Australian families.

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RSM INSIGHT
The scrapping of the three year audit cycle for SMSFs is welcomed – as an industry we all thought it was dead but it is reassuring to know that this is really the case.

Katie Timms,
National Director, superannuation and SMSF services


The Government was also able to provide some certainty about the status of previously announced measures. These included formally scrapping the much-maligned three-year SMSF audit cycle proposal from the 2018-2019 Federal Budget and deferring the implementation of the changes to the residency requirements for SMSF trustees from 1 July 2022 to the income year commencing on or after the date of Royal Assent.

While it is encouraging that relaxation of residency requirements remains on the Government’s radar, not having a firm date for implementation leaves SMSF trustees still uncertain as to when the measures might kick in.