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You may be aware that as of July 2017, there have been some big changes to Super. It’s important for you to understand what the new rules are and how they affect you.

What are the main changes?

While the changes are wide-ranging, most relate to the super contributions cap. That is, how much you’re allowed to put into super to take advantage of the generous tax benefits.

The maximum amount of concessional contributions (pre-tax money) you can now place into super is only $25,000 per annum which includes your employer’s 9.5 per cent Super Guarantee contribution plus your voluntary salary sacrifice amounts. Also, the maximum amount of non- concessional contributions (after-tax money) you can put into super is only $100,000.

There are rules that allow you to ‘bring forward’ your contribution caps but it's complex and there may be penalties if you don’t get it right.

What else has changed?

  • People with a super balance of more than $1.6 million will not be able to make any non-concessional contributions.
  • Investment earnings in transition to retirement pensions will be taxed at up to 15% (up from nil tax).

Act now – see a Bridges financial planner

Many people are simply unaware of the rules around super and the potential tax advantages. Advice from a professional financial planner can help you better understand your super and make the most of it.

We have a relationship with Bridges Financial Services to provide financial advice to our members. We can arrange a complimentary initial consultation with our Bridges Financial Adviser John Addario which is obligation free.

If you’d like to have a chat about your super, Call us on 02 9859 0585 to book an appointment.

Bridges Financial Services Pty Limited. ABN 60 003 474 977 ASX Participant. AFSL No. 240837. Part of the IOOF group.

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