Superannuation: Ten things that change from 1st July 2013

TEN THINGS THAT CHANGE FROM JULY 1

    1. Workers get slightly more superannuation included in their weekly pay.

    2. Compulsory employer super payments are extended to workers aged over 70.

    3. People aged over 60 can pump an extra $10,000 into super and receive a tax deduction for it.

    4. Financial advisers must act in the best interests of their clients. Obvious, right? But this was not law in the past.

    5. Commissions on investment products within super and outside of super are banned.

    6. The investment watchdog, ASIC, gets stronger powers to investigate complaints and take action.

    7. Super funds and advisers have to offer a basic level of financial advice for free.

    8. Penalties for accidentally putting too much money into super and breaching contributions caps are removed.

    9. High income earners – those on more than $300,000 – lose some of their super tax benefits.

    10. New SuperStream reforms enhance the back-office functions of super funds and will speed up transactions.

Link – http://www.mlforum.com.au/legal-tax-and-accounting-discussion/superannuation-ten-things-that-change-from-1st-july-2013/