From 1 July 2017, a range of super reforms are set to come into play. The changes, which were originally proposed in the 2016 – 2017 Federal Budget, were legislated at the end of 2016, when the Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 passed parliament. So what are the changes and how will they impact you?
What are the changes?
As stated by the Australian Government’s office of Treasury, the below changes, once implemented, will help to improve the fairness, sustainability, flexibility and integrity of the superannuation system.
Of course, it is important to note that the legislated superannuation changes are only expected to affect 4% of all individuals with superannuation1.