The Australian Taxation Office (ATO) has confirmed increases to concessional superannuation contributions from $25,000 to $27,500, as well as changes to non-concessional contributions and the transfer balance cap.
The changes were announced by the Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume and would come into effect from 1 July, 2021.
“The annual non‑concessional contribution cap will also increase on 1 July 2021 from $100,000 to $110,000,” Hume said.
“The latest figures also show an indexed increase in the transfer balance cap from $1,600,000 to $1,700,000.”
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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