Most of the changes start from 1 July 2017 so it’s important to be prepared. You or your employees may be affected if:

• you make extra super contributions, including through salary sacrifice
• you have an income over or close to $250,000
• you or your spouse have an income less than $40,000
• you’ve taken a break from the workforce or you work part time
• you’re approaching retirement.

Super changes

The changes to the superannuation (super) system, announced by the Australian Government in the May 2016 Budget have now received Royal Assent. These changes are designed to improve the sustainability, flexibility and integrity of Australia’s super system. Most of the changes will commence from 1 July 2017.

Your super is your future – check to see if you are directly affected, or what these changes may provide for you to maximise your savings for retirement. Detailed information is available to help you understand the changes, including for some topics, law companion guidelines to provide certainty about how the changes will be administered.

While you may not be affected by the changes now, it is important to be aware of the changes for your future. If you think you are affected or may be in the future, consider seeking financial advice.

Super changes for self-managed super funds

The changes to the superannuation (super) system, announced by the Australian Government in the 2016–17 Budget, have now received royal assent. These changes were designed to improve the sustainability, flexibility and integrity of Australia’s superannuation system. Most of the changes will commence from 1 July 2017.

An overview of the changes is below. More detailed information is being progressively published to help you understand the changes, how they may affect you, and what you may need to know and do now, or in the future as a trustee of a self-managed super fund (SMSF). Detailed information is available to help you understand the changes, including for some topics, law companion guidelines to provide certainty about how the changes will be administered.

Information source ATO Website