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MyLife MySuper and MyLife MyAdvice offices

Brisbane
Level 5, 303 Coronation Drive
Milton QLD 4064
Melbourne
Level 1, 535 Bourke Street
Melbourne VIC 3000
Cairns
Suite 1, 112 Mulgrave Road
Cairns QLD 4870
Perth
St Brigid's Centre
60 John Street
Northbridge WA 6003
Canberra
Unit 3, 59 Wentworth Avenue
Kingston ACT 2604
Ringwood
Level 2, 27 Ringwood Street
Ringwood VIC 3134
Darwin
Temporarily supported by
the Cairns office
Sydney
Polding Centre
Level 7, 133 Liverpool Street
Sydney NSW 2000
Geelong
Ashby House
1 Malone Street
Geelong VIC 3220
Warrnambool
Suite 15, 715 Raglan Parade
Warrnambool VIC 3280
Hobart
35 Tower Road
New Town TAS 7008
 

 

Changes to super and how they may impact you

From 1 July 2017, a range of changes to super will take effect. It’s important to know about the changes because you may have to review your financial plans and strategies. If you need advice, our MyLife MyAdvice financial planners can help you.

Our Changes to super factsheet explains the main changes and you can also read our Guide to the Federal Budget 2017/18.

Contributions

  • All pre-tax contributions will be capped at $25,000 regardless of age.
  • Anyone will be able to claim a tax deduction on post-tax contributions as an alternative to salary-sacrificing.
  • All after-tax contributions will be capped at $100,000 per year. If you are under the age of 65, you will be able to bring forward three years of contributions in the one year.
  • If you are over the age of 65 and meet the work test, you can contribute up to $100,000 per annum.
  • If you already have more than $1.6 million in superannuation, you will no longer be able to make after-tax contributions.

First Home Super Saver Scheme

To reduce pressure on housing affordability the Government will allow voluntary superannuation contributions to be withdrawn for a first home deposit. It's important to note that at the time of publication (7 June 2017), this proposed measure is not yet law and may be subject to change.

  • From 1 July 2017, individuals can make up to $30,000 of voluntary contributions (limited up to $15,000 per year) to superannuation for the purposes of this measure. Voluntary contributions can be made before or after tax and are subject to the relevant contribution caps.
  • From 1 July 2018, those voluntary contributions (along with deemed earnings) can be withdrawn for a first home deposit.
  • Withdrawals will be taxed up to an individual’s marginal rate, less a 30% offset. Withdrawals of after-tax contributions will not be taxed.

Pre-Retirement Pensions

From 1 July 2017, Pre-Retirement Pension investment earnings will now be taxed at a maximum of 15%.

You can read the Significant Event Notice impacting Pre-Retirement Pensions here.

The amount you can invest in pension accounts will be capped at $1.6 million. This amount applies to all pension accounts you may have in place (e.g. annuities, lifetime pensions or self-managed super funds).

If you have already retired and your balance exceeds the cap, you will be required to either:

  • Move the excess back to a super account, or
  • Withdraw the amount as a lump sum, or
  • Have a tax penalty applied.


Contact a financial planner for advice about what's best for your financial situation or needs.

If you have any questions or need some advice, we are always happy to help. Contact us on 1300 MYLIFE (695 433) or email info@mylifemysuper.com.au.