Superannuation Happy New Year

Superannuation rules in Australia have undergone some fairly dramatic changes as of the 1st July 2017. With that threshold date now behind us, let’s consider what this new world looks like..

Here is a link to a post by Michael O’Hara from his blog on all things financial. It includes links to authoritative websites and information to help clear away some of the webs that have grown around superannuation over the years. Even though the rules that started 1st July this year can be seen to be ‘yet more changes’, they are fairly straight-forward to the bulk of Australians.

To see the full post, click the image below..

If you have any questions, contact your financial planner, and they should be able to help you or direct you to the best source of further information.

Superannuation Links

• MoneySmart – a website operated by a government regulator – ASIC. Great information, even if i don’t agree with everything on it!
• Australian Taxation Office – the government money-collector that Australians hold a love-hate relationship with. Fantastic and authoritative website.
• Superguide – a commercial website that offers a wealth of information on superannuation and its rules, regulations and impacts

Superannuation Warnings, Disclaimers & Disclosures

Superannuation Warnings

• You must not make a financial decision based on this post, as you could be one of the people for whom the superannuation rules are not so simple. Please see your planner.
• Definitely don’t make a super payment without checking to make sure you are one of the folk for whom everything is simple!
• Salary sacrifice contributions must be arranged in advance, with agreements to deal with money not yet accumulating to you – so don’t think you can just get your employer to dump a bucket of money into your super at the end of the financial year to help get you to the maximum!
• GESB West State is an older type superannuation fund, with its very own set of rules and regulations and quirks. It’s not a place for the unwary but if properly investigated, it offers incredible benefits for accumulating super – especially in your later working years.
• Superannuation is primarily a low-tax vehicle. It’s not the answer to every financial situation – so don’t let anyone convince you that it is!!!!!!

Superannuation Disclaimers

• Nothing on this website is to be taken to be personal financial advice. It is general advice on a factual nature. You must not make a financial decision or take action to implement any strategy or product idea on this site without first undertaking suitable investigation into its appropriateness to your personal financial situation and circumstances.
• Super rules change. They generally change for the benefit of keeping the overall superannuation system balanced and “fair” but that’s an ongoing job, and protecting existing super member plans and balances means that there will be a huge list of grandfathering dates and limits which can change regularly. Make sure you check that rules are current before taking any action!
• While i am suggesting in this post that super rules are simple, it is only true for the majority of Australians. That still leaves many millions of Australians for whom the super rules are definitely NOT simple. So check everything before you take action – the rules of superannuation are usually heavily defined in law, and there’s little room for mistakes and usually no room for fixing accidental errors. See a planner, check with your super fund, ask your Accountant (if they are qualified) or do a lot of personal investigation.