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.”
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