Archived April 2017 update. Superannuation rules and thresholds have changed since; this post is kept for reference only.
At the time, we saw major changes across many areas of superannuation. Most took effect from 1 July, but some needed to be considered and acted on before 30 June 2017.
The biggest change was the tax-exempt pension being capped at $1.6 million from 1 July 2017. Funds held over that pension cap would attract a 15% tax rate on the residual fund’s earnings. For some people, there were strategies that could be adopted before 30 June 2017 to reduce the impact on their remaining funds.
What should you do?
To check whether any of the changes affected your superannuation, or whether you needed to act before 30 June, the advice was to speak to your financial adviser. Our team of licensed advisers could help determine how the changes might apply and review your current circumstances.
General advice warning: This information is general advice only and does not take into account your individual circumstances, financial situation or needs. The figures and rules described reflect the law as it stood when the article was published and have since changed. Always seek current, personalised advice from a licensed adviser or registered tax agent before acting.