The Australian Government is making a series of improvements to super to help protect and grow the savings of all Australians. The first changes applied from 1 July 2012.

Individuals

To make the most of the improvements, there are a few small things you can do now that can mean big things for your lifestyle in retirement. So take a few small steps to get your super organised. Specifically, as a result of the changes:

  • keeping track of your super will be easier
  • your employer will provide more information about super on your payslip
  • you will have more super for your future

Businesses

The changes to super mean there will be changes to your super and reporting obligations that you need to start preparing for. If you’re self-employed or have employees, you will need to make changes to the way you pay and report the super contributions you make. In the future, you will have to:

  • provide super information on employees’ payslips
  • progressively increase your super guarantee rate to 12% in annual steps
  • make super guarantee payments for eligible employees 70 years old or older
  • follow the data and e-commerce standard when making super contributions on behalf of your employees

Self-managed super fund trustees (SMSF)

The changes are aimed at increasing community confidence and improving the integrity, operation and efficiency of the SMSF sector.

  • Investing in collectables and personal use assets
  • Review your SMSF investment strategy’
  • Separation of your money and assets from the fund
  • Valuation of fund assets at market value

Should you require more information regarding Superannuation including SMSF, please feel free to contact the team at South East Access