Super changes that could affect you from 1 July 2022
A number of changes to the super system could create opportunities for Australians of all ages. Here’s a rundown of what you need to know. Read more.
Your Future, Your Super reforms come into effect
From 1 November 2021, the final part of the Your Future, Your Super reforms will come into effect. These reforms aim to make sure super funds continue to work in their members’ best interests, while helping people make more informed decisions about their super. Read more.
Reduction in minimum pension withdrawals extended
The government has reduced the minimum amount you can withdraw from your retirement pension for another year. Read more.
Super bring-forward rules now apply to more people
More people can make up to three years’ worth of non-concessional contributions in the same financial year, with the age limit increasing from under 65 to under 67. Read more.
Compulsory SG contributions have risen
The contributions your employer is required to make into your super fund, under the super guarantee, increased to 10.5% of your before-tax income on 1 July 2022. Read more.
Super contribution caps have gone up
The caps on concessional and non-concessional super contributions increased on 1 July 2021, meaning you may be able to put more money into super if you choose to.
Transfer balance cap increased to $1.7 million
The amount of super savings that can be transferred to a retirement pension increased from $1.6 million to $1.7 million on 1 July 2021, but not for everyone. Read more.
If you’d like to know more about how super and pension rules could affect you, make an appointment with a financial adviser by ringing the office on |PHONE| or alternatively make an appointment online simply click on the link then choose an adviser and select an appointment day and time that best suits you.
Source: AMP March 2022
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