What’s changing on 1 July 2020?
  • Company tax rate reduces to 26% for base rate entities.
  • Cents per km rate for work-related car expenses increase to 72 cents.
  • Expected reforms to allow 66 and 67 year olds to make voluntary superannuation contributions without satisfying the work test. This reform is not yet law.
  • Age limit for making superannuation contributions to your spouse increases from 69 to 74. This reform is not yet law.
  • For those 67 and under, reforms will enable you to use the ‘bring forward rule’ to make up to three years of non-concessional contributions. That is, you can make non-concessional contributions of up to $300,000 from the 2020-21 financial year.