The Australian Government has now passed its super reform legislation, which means there’ll be some changes to super – and most will take effect commencing from 1 July 2017. Below is an overview of the key changes.
If you’d like to get some advice about how these changes could affect you and your future, it’s best to have a chat with a qualified financial adviser, such as QInvest. QInvest’s advisers are experts in QSuper products, so they’ll be able to give you personalised advice to suit your needs.
To chat or book an appointment with QInvest call 1800 643 893
Non-concessional (after-tax) contributions
Concessional (before-tax) contributions
Changes affecting Income account
Changes affecting Transition to Retirement (TTR) Income account
Other super measures
The information outlined above is quite technical. In addition to the articles and case studies we have provided, the Australian government has provided some useful summary information here.
1. For the purposes of the contributions tax for high income earners, adjusted income includes taxable income (assessable income less deductions), net investment losses, net investment property losses, total reportable fringe benefit amounts, amounts on which family trust distribution tax has been paid and concessional contributions within the concessional contribution cap.