Overview of legislative changes in 2021
Your Future, Your Super reforms come into effect
From 1 November 2021, the final part of the Your Future, Your Super reforms will come into effect. These reforms aim to make sure super funds continue to work in their members’ best interests, while helping people make more informed decisions about their super. Read more.
Reduction in minimum pension withdrawals extended
The government has reduced the minimum amount you can withdraw from your retirement pension for another year. Read more.
Super bring-forward rules now apply to more people
More people can make up to three years’ worth of non-concessional contributions in the same financial year, with the age limit increasing from under 65 to under 67. Read more.
Compulsory SG contributions have risen
The contributions your employer is required to make into your super fund, under the super guarantee, increased to 10% of your before-tax income on 1 July 2021. Read more.
Super contribution caps have gone up
The caps on concessional and non-concessional super contributions increased on 1 July 2021, meaning you may be able to put more money into super if you choose to. Read more.
Transfer balance cap increased to $1.7 million
The amount of super savings that can be transferred to a retirement pension increased from $1.6 million to $1.7 million on 1 July 2021, but not for everyone. Read more.
Like to know more?
If you'd like to know more about how super and pension rules could affect you, speak to your financial adviser. If you don’t have an adviser, but would like to speak to one, our directory could help you find one nearby.
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