Retirement
Aussies urged to exploit fleeting super caps
The government’s decision to maintain the current $180,000 non-concessional contributions cap until 30 June next year means Australians must capitalise on this final opportunity to top up their super balances, experts say.

Aussies urged to exploit fleeting super caps
The government’s decision to maintain the current $180,000 non-concessional contributions cap until 30 June next year means Australians must capitalise on this final opportunity to top up their super balances, experts say.

HLB Mann Judd Sydney head of wealth management Michael Hutton has urged Australians to consider their super balances before it’s too late.
“This current opportunity to maximise non-concessional contributions under the current system represents a superannuation contribution opportunity of a magnitude not seen since the 2007 financial year, when the government allowed everyone a “one-off” non-concessional contribution limit of $1 million,” Mr Hutton said.
“For those with more than $1.6 million in superannuation, this may be their last opportunity to make non-concessional contributions to their superannuation fund. On the other hand, those with little or no superannuation have the opportunity to make a substantial start on their retirement savings.”
From 1 July 2017, the government will implement an annual non-concessional contributions cap of $100,000, or $300,000 brought forward over three years, which will only be available to those with super balances less than $1.6 million.
“Government changes in recent years have made the old approach, of topping up super in the last 10 years before retirement, virtually impossible. While we used to talk to clients about focusing on superannuation when they were in their fifties, we are now having these conversations when clients are in their thirties,” Mr Hutton said.
“It is increasingly difficult to put large sums of money into superannuation so people really need to a find way to put smaller sums in, more frequently, early in their working life.”
However, while those restrictions may come as unwelcome news to superannuants, Mr Hutton says the super system will remain the most attractive retirement vehicle.
“There is no other investment opportunity that allows 15 percent tax while accumulating, is tax free when paying a pension, has a strong investment structure and regulations and provides asset protection,” he said.

Superannuation
Should the government add $5k to low-income super balances?
Superannuation funds are proposing that the Morrison government should add $5,000 to low-income earners’ retirement funds, after 1 million young workers have emptied their super during the COVID-1...Read more

Superannuation
2020’s top-performing super funds revealed
Australia’s top 10 performing growth superannuation funds for the 2020 calendar year have been revealed. ...Read more

Superannuation
SA’s $2bn superannuation drain puts 34k residence in zero territory
More than 34,000 South Australian residences have almost emptied their superannuation coffers, as members take advantage of the government’s early access to superannuation scheme, new research has s...Read more

Superannuation
How did your super fund perform in 2020?
Despite the COVID-19 pandemic, superannuation funds have delivered a positive return for members over the 2020 calendar year, new research has revealed. ...Read more

Superannuation
Senator slams super funds: ‘People are smarter than super funds think’
Senator Andrew Bragg has hit out at superannuation funds after they stood up in opposition to the government’s alleged plan to ask workers to choose between putting money in their super or having m...Read more

Superannuation
Why opt-in super proposal is a ‘secret tax’ on Aussie workers
A proposal to give workers the option to pick between a wage rise or a super contribution increase has been slammed by industry funds, branding it as “a secret tax” on workers. ...Read more

Superannuation
Early super access could be less than expected
Money accessed through the early release of super scheme looked to be coming in under the government’s revised expectations as the scheme drew to a close at the end of 2020. ...Read more

Superannuation
Proposed super reforms to rob millions of Australians
Australia’s largest union has rejected the government’s new super reforms on the basis it will leave members worse off long-term due to being “stapled” to a high-fee fund. ...Read more

Superannuation
Should the government add $5k to low-income super balances?
Superannuation funds are proposing that the Morrison government should add $5,000 to low-income earners’ retirement funds, after 1 million young workers have emptied their super during the COVID-1...Read more

Superannuation
2020’s top-performing super funds revealed
Australia’s top 10 performing growth superannuation funds for the 2020 calendar year have been revealed. ...Read more

Superannuation
SA’s $2bn superannuation drain puts 34k residence in zero territory
More than 34,000 South Australian residences have almost emptied their superannuation coffers, as members take advantage of the government’s early access to superannuation scheme, new research has s...Read more

Superannuation
How did your super fund perform in 2020?
Despite the COVID-19 pandemic, superannuation funds have delivered a positive return for members over the 2020 calendar year, new research has revealed. ...Read more

Superannuation
Senator slams super funds: ‘People are smarter than super funds think’
Senator Andrew Bragg has hit out at superannuation funds after they stood up in opposition to the government’s alleged plan to ask workers to choose between putting money in their super or having m...Read more

Superannuation
Why opt-in super proposal is a ‘secret tax’ on Aussie workers
A proposal to give workers the option to pick between a wage rise or a super contribution increase has been slammed by industry funds, branding it as “a secret tax” on workers. ...Read more

Superannuation
Early super access could be less than expected
Money accessed through the early release of super scheme looked to be coming in under the government’s revised expectations as the scheme drew to a close at the end of 2020. ...Read more

Superannuation
Proposed super reforms to rob millions of Australians
Australia’s largest union has rejected the government’s new super reforms on the basis it will leave members worse off long-term due to being “stapled” to a high-fee fund. ...Read more