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WILL THE NEW SUPER CHANGES AFFECT YOU?

When the budget came out last May, you might remember a number of changes to Superannuation being announced. They were designed to improve the condition of Super in Australia, and most of these changes will commence on 1 July 2017.

You may not be immediately impacted by these changes, but it’s important to understand what they are and how they might affect your Super over the years. After all, your super is your retirement future. A YML Group financial planner can assist you in understanding the changes, and also guide you through any changes you may wish to make to the structure of your Super.

If you fall into any of the below categories, you may be affected:

  • If you or your spouse make less than $40,000 per year
  • If you make extra contributions to your super
  • If you are approaching retirement
  • If you make more (or close to) $250,000 per year
  • If you work part time, or have taken time off from the workforce
  • If you are retired or retiring

What is going to change?

There will be a number of changes, but key items include the reduction of the after-tax super contributions cap; the lowering of the before-tax super contribution cap; the introduction of a pension transfer cap; and those transitioning to retirement pensions will lose their tax exemption.

What can I do now?

While these changes are coming into place, there are a few key opportunities you may be able to take advantage of this financial year. These are items like:

  • You can contribute a higher rate of after-tax super contributions
  • You can bring forward three-years’ worth of after-tax super contributions if you are under 65
  • The limit for before-tax contributions will be changing, so you can contribute more this year than going forward post 1-July

How can YML help?

Talk to our Financial Planners today to see how YML Group can assist you with your super. Contact us on (02) 8383 4400 or by visiting the Contact Us Page

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