The Federal Government has now passed its super reform legislation. View changes taking effect from 1 July 2017.
The Federal Government tonight announced a number of changes to super as part of the 2016 Budget.
Treasurer Scott Morrison said the objective of the changes is to have a system which encourages all Australians to save and not be dependent on the age pension in retirement.
Some of the announcements include:
It is important to note that the majority of the changes are not scheduled to take effect until 1 July 2017, and of course are dependent on their passage through Parliament.
The Government states that 96 per cent of Australians with super would be unaffected or better off as a result of changes announced tonight.
We will be working hard over the coming days to analyse the changes to work out what they mean for you and your super.