Super changes from 1 July 2017
Tuesday, March 28, 2017
The changes to the superannuation (super) system, announced by the Australian Government in the May 2016 Budget, have now been approved. Most of the changes will commence from 1 July 2017.
Although you might not be affected by the changes now, it is important to be aware of the changes for your future. If you think you are affected or could be in the future, consider seeking financial advice.
Do the super changes affect you?
Do you or your spouse earn less than $40,000? If yes, refer to:
- Change to spouse tax offset
- New low income super tax offset (LISTO)
Are you making extra contributions to your super? If yes, refer to:
- Change to personal super contributions deductions
- Change to non-concessional (post-tax) contributions cap
- Innovative retirement income stream products
- Change in eligibility for co-contributions
Are you approaching retirement? If yes, refer to:
- Change to concessional (pre-tax) contributions cap
- Change to transition-to-retirement income streams
- New transfer balance cap for retirement phase accounts
Do you earn over or close to $250,000? If yes, refer to:
Have you taken time out of the workforce or do you work part time? If yes, refer to:
- New carry-forward of unused concessional contributions
- Change to spouse tax offset
- Removal of anti-detriment payment
- Innovative retirement income stream products
- Change in eligibility for co-contributions
Are you retired?
Keep informed about updates
To stay updated on these changes, check this page on the ATO website.
