Please click on the following link to view APRA’s Frequently Asked Questions relating to the “Protecting your super package” https://www.apra.gov.au/protecting-your-super-package-frequently-asked-questions.
The recent passage through Parliament of “Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019” requires all Registerable Superannuation Entity (RSE) Licensees to implement a number of reforms to address account erosion of balances due to excessive fees or unnecessary insurance from 1 July 2019.
This change is part of the Protecting Your Super Package that was announced in the 2018-19 Federal Budget prior to the Federal Election. For more detailed information on the budget read our Federal Budget Analysis: https//www.fintech.com.au/fintech-2019-federal-budget-analysis/
In April this year the Treasurer, The Hon Josh Frydenberg also announced that the Government will improve a number of superannuation contribution eligibility rules from 1 July 2020.
The changes include:
- Allowing individuals to make voluntary ‘Concessional’ and ‘Non-Concessional’ Contributions to superannuation up to age 66 without having to meet the work test;
- Extending the age limit for ‘Spouse Contributions’ from 69 to 74;
- Extending the age limit for the ‘2 Year Bring-Forward’ arrangements for Non-Concessional Contributions from 64 to 66.
Please note, these proposals are not yet law and any changes will require legislation to be passed by Parliament.
Please contact the Fintech Financial Services office if you have any questions about how these changes affect your personal circumstances.