POWERED BY MOMENTUM MEDIA
New financial year brings new super changes
With the number of changes coming into effect for super from today, the start of the new financial year is a good time to do a "super health check", the Association of Superannuation Funds of Australia (ASFA) said.
ASFA CEO Pauline Vamos said with the superannuation guarantee rising from 9.25 per cent to 9.5 per cent, a 30-year-old on a salary of $60,000 could end up with an extra $6000 in their final retirement piggy bank.
The concessional contribution caps for those under 50 will rise as well, meaning it will rise to $35,000 for those over 50, and to $30,000 for those under 50.
Indexation of non-concessional caps has been reinstated and the threshold has risen to $180,000 for 2014/15. The three-year bring forward option has also risen to $540,000.
ASFA urges members to roll multiple super accounts into one to avoid paying extra fees or insurance and other services members do not need or cannot use.
Vamos said early planning and saving will help achieve the desired lifestyle.
"Every dollar you put in super before you turn 35 could be worth around $7 in retirement," she said.
Recommended for you
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
62.62 3 y p.a(%)
3
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.95 3 y p.a(%)
4
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
5
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
Add new comment