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From 1 July 2018, the Federal Government will allow individuals with multiple employers and an income greater than $263,157 p.a. to nominate wages received from some employers as exempt from Superannuation Guarantee (SG). This is in order to avoid breaching concessional contribution caps.
Insurance cover within superannuation will change from a default arrangement to an opt-in basis for:
From 1 July 2019, members will have to opt into insurance if their account meets the above criteria.
To encourage account consolidation and reduce erosion by fees and insurance premiums, the Government will ban exit fees on all superannuation accounts.
Effective 1 July 2019, super fees (administration and investment fees) will be capped at three percent p.a for super balances below $6,000.
Member super accounts with balances below $6,000 and that have not received a contribution in 13 months, will be deemed to be 'inactive' and transferred to the Australian Taxation Office (ATO).
From 1 July 2019, Australians aged 65 - 74 with a total superannuation balance below $300,000 will be able to make voluntary non-concessional contributions in the first year of their retirement. This will be available from the end of the financial year in which they last met the work test.
For further information refer to 2018 Budget fact sheet outlining work test exemptions.
The Budget includes a range of additional measures, which whilst they do not directly impact superannuation, will have an impact on an individual’s income and/or financial position in retirement.
For further information refer to 2018 Budget fact sheet on personal income tax cuts.
It's important to note that the implementation of these proposals are dependent on the election outcome, consultation with industry and successful passage of legislation.
The information contained in this briefing will not be effective until it is passed into law. ESSSuper has made reasonable efforts to ensure the accuracy of this briefing but does not accept liability for acts or omissions based on its content. Emergency Services Superannuation Board ABN 28 161 296 741 (ESSB), the Trustee of the Emergency Services Superannuation Scheme ABN 85 894 637 037 (ESSSuper). Before making a decision about an ESSSuper product or service please consider our Product Disclosure Statement (PDS) that is available on our website or by calling us on 1300 650 161 (Emergency services members) 1300 655 476 (State super members).
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