SMSF essentials course - Changelog July 2022

The following changes have been made to modules within the SMSF essentials course to reflect various amendments to the superannuation laws in July 2022:

Module 1

Section	Changes required
1.1 - Overview of Superannuation	Increase of SG rate to 10.5% from 1 July 2022
1.2 - Three pillars	Increase of SG rate to 10.5% from 1 July 2022
1.5.1 - Key Features & Regulations	Added bullet point reason 'ability to invest in crypto-currencies, like bitcoin or ethereum.'

Module 3 - Contribution Rules

Section	Changes required
3.4 - Eligibility to make contributions	Updated to reflect the removal of the work test for voluntary contributions, extending the age limit up to age 75.
3.5 - Total Super Balance	Updated to include Non-Concessional Contributions (NCCs) through to 75 years of age
3.6 - Work Test	Updated to reflect changes to work test rules from 1 July 2022
3.6.1 - How removing the work test affects an individual	New section to understand the differences in the rule changes before 1 July 2022 and from 1 July 2022 regarding how the work test will apply to an individual
3.6.2 - How removing the work test affects a super fund	New section to understand the differences in the rule changes before 1 July 2022 and from 1 July 2022 regarding how the work test impacts the acceptance of contributions by a super fund.
3.6.4 - Work Test Exemption	Updated section to adjust the rules for the Work Test Exemption as a result of the changes to the work test from 1 July 2022.
Activity 2	Updated activities to reflect law changes from 1 July 2022
3.8 - Concessional contributions	Added new table to show concessional contribution cap across different financial years
3.8.1 - SG contributions	New section to explain to ongoing changes to the super guarantee (SG) rate
3.8.2 - Maximum contribution base	New section to explain and provide a table with changing income per quarter thresholds for SG purposes
3.8.3 - SG opt-out for high income earners with multiple employers	New section to explain the new rules introduced from 1 January 2020
3.9 - Non concessional contributions	Updated to reflect changes introduced from 1 July 2022 for voluntary contributions.
3.10 - Excess concessional contributions	Removed information referencing the ECC charge that was removed from 1 July 2021.
3.11 - Other types of contributions	Various updates to information in the table regarding the impact of changes from 1 July 2022 - e.g. downsizer contributions.

Please note that further changes to other modules are currently being made and updated in July 2022.

The above updates are being updated on the Smarter SMSF platform in the week commencing 4 July 2022 and will be updated on the BGL learning channel and via SMSF Advisers / Accountants Daily and TOA over the course of the next couple of weeks.