2020 list of legislative updates

Change	Date released to Pathfinder	Details
Budget 2020/21 updates to personal income tax threshholds, Low and Middle income tax offset (LAMITO) and Low income tax offset (LITO)	12 Oct 2020	Release notes Technical update: Budget 2020/21
From 1 July 2017, requiring those with combined incomes and superannuation contributions greater than $250,000 to pay 30 per cent tax on their concessional contributions, up from 15 per cent.	11 Aug 2020	Release notes New Pathfinder Release (Riedle) - SMSF modelling now in production
1 July 2020 changes to various government payments, threshholds and tests	06 Jul 2020	Release notes: New Pathfinder Release (Qian v2) and legislative updates The following values have been updated in the technical database and apply from 1 July 2020: FTB-A and FTB-B thresholds and payments for 2020/21 and beyond Various values for the Age Pension (Maximum income and assets for full pension, lower limit for deeming rate) HELP debt repayment income threshholds and rates Schedule of fees and charges for residential and home care Medicare levy thresholds
Superannuation Legislation Amendment (2020 Measures No. 1) Regulation 2020.	06 Jul 2020	Release notes: New Pathfinder Release (Qian v2) and legislative updates This will increase the age at which the work test starts to apply for voluntary concessional and non-concessional contributions from 65 to 67. It will also increase the cut-off age for spouse contributions from 70 to 75. It applies from 1 July 2020.
More Flexibility for the work test	06 Jul 2020	Release notes: New Pathfinder Release (Qian v2) and legislative updates From 1 July 2019, Australians aged 65 to 74 with a total superannuation balance below $300,000 will be able to make voluntary super contributions for 12 months from the end of the financial year in which they last met the work test.
Limited recourse borrowing arrangements as enacted in “Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2019”	06 Jul 2020	Release notes: New Pathfinder Release (Qian v2) and legislative updates For an individual who has satisfied a nil condition of release (mainly retired or reached age 65), if they are part of a limited recourse borrowing arrangement commenced after 1 July 2018 then their Total Superannuation Balance is increased by their share of the outstanding balance of the loan.
Economic Response to the Coronavirus (23 March 2020)	31 Mar 2020	Release notes: Technical update: Economic Response to the Coronavirus March 2020, assumptions update and default start date changing to 1 July 2020