Retirement
Super contributions triple in June quarter
The average amount added to super tripled in the June quarter as Australians looked to take advantage of the rule changes to contribution limits.

Super contributions triple in June quarter
The average amount added to super tripled in the June quarter as Australians looked to take advantage of the rule changes to contribution limits.

The SuperConcepts SMSF Investment Patterns Survey, which covers around 2,640 funds, indicated that in the June 2017 quarter, the average contribution amount tripled from $9,138 to $32,055, with 63 per cent of contributions being made during the last month of the quarter.
SuperConcepts executive manager technical and strategic solutions Phil La Greca said the last time contribution levels were this high was almost 10 years ago, in June 2009.
The June quarter also saw a continued spike in benefit payments, which almost doubled from $27,900 to $50,313, according to the survey.
Mr La Greca said the large increase in benefit payments as pension payments may be related to the need for members to meet their minimum pension obligations for 2016-17.
“Benefit payment levels continued to climb as a result of the transfer balance cap of $1.6 million which restricts the amount a person may have in a pension phase,” said Mr La Greca.
“Members implemented withdraw and recontribution strategies, including starting a new 100 per cent tax-free pension and making contributions to a spouse to try and equalise member balances and maximise access to the $1.6 million pension transfer balance cap for both persons.”

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
ISA takes another shot at super reforms, accuses government of favouring big banks
Just a few days after hitting out at the government’s Your Future, Your Super scheme, ISA is at it again, signalling to the government that it may have a fight on its hands when it comes to this now...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
ISA takes another shot at super reforms, accuses government of favouring big banks
Just a few days after hitting out at the government’s Your Future, Your Super scheme, ISA is at it again, signalling to the government that it may have a fight on its hands when it comes to this now...Read more