The government proposes to make several non-financial changes to superannuation.
These non-financial super changes include the introduction of product dashboards that would allow fund members to compare fees, insurance premiums and investment returns more easily. The introduction of portfolio holdings disclosure, on the other hand, will let fund members know where their super savings are invested.
Another proposed change is the introduction of retirement income projections which would help Australians plan ahead and predict expected retirement incomes. There is also the use of pre-filled TFN and choice forms which is designed to help a fund member keep track of existing super account when starting a new job. Lastly, the extension of fund choice is proposed for the 30% of Australians who currently cannot choose their own super fund.
Superannuation is undeniably a great way to build wealth for retirement. However, it needs thorough legislation for it to operate effectively and avoid any taxation loopholes
Starting 1st of July, superannuation legislation will change in Australia and everyone needs to understand how the changes will affect them.
There are key changes to transition to retirement, maximum super fund balances, super splitting and spouse balances. Avoid penalties by fully understanding the new non concessional limits, concessional contribution limits and estate planning.
For more information about superannuation in Australia, contact a Chan & Naylor Specialist to discuss your particular circumstances.
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