Call to boost super balances

People should take the opportunity now in the last eight weeks of the financial year to contribute to their super as superannuation changes are coming into effect on 1 July, according to HLB Mann Judd.

HLB Mann Judd director of superannuation, Andrew Yee, said the opportunity to capitalise for retirement now would be a sensible financial decision.

“Those who do have funds to put into their superannuation should do so now or they may lose the opportunity entirely,” he said.

“From 1 July, the non-concessional contribution cap is reducing to $100,000 a year (down from $180,000) or, if brought forward over three years, down to $300,000 (from $540,000).”

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Yee said the changes to concessional and non-concessional contributions would have a distinct impact on retirement.

“Those with smaller superannuation balances have the chance to make a significant start on their retirement savings, which they may not have the opportunity to do again and those with more than $1.6 million in superannuation, it may mean their last chance to top up their superannuation,” he said.

“The reality is that anyone who has additional funds at the moment should take the time to understand the changes, and take action in the next month, before the opportunity is gone to make a significant difference to their superannuation.”