Changes to Superannuation from 1 July – ATO Information Explains Changes

28 Jun 2017

There are a large number of changes to superannuation beginning on 1 July.  These flow from the 2016 Federal Budget and it is important that individuals understand if they are affected by them.  We have begun to get calls from people unsure if they are affected, how to find out and what they will need to do.

The Australian Tax Office has prepared a package of information.  All of this information can be found at https://www.ato.gov.au/Individuals/Super/Super-changes/  It looks pretty clear, but is very detailed.  There is also at least one video on the ATO TV site about the changes (http://tv.ato.gov.au/ato-tv/media?v=bd1bdiub41juza) aimed at individual tax payers to explain the changes. 

As always, COTA does not provide any individual financial advice, but I am suggesting to callers that if they are not clear about their situation they may need to seek advice from their financial advisor, accountant and/or superannuation fund. 

Susan McGrath, National Policy Manager