POWERED BY MOMENTUM MEDIA
Call to boost super balances
People should take the opportunity now in the last eight weeks of the financial year to contribute to their super as superannuation changes are coming into effect on 1 July, according to HLB Mann Judd.
HLB Mann Judd director of superannuation, Andrew Yee, said the opportunity to capitalise for retirement now would be a sensible financial decision.
“Those who do have funds to put into their superannuation should do so now or they may lose the opportunity entirely,” he said.
“From 1 July, the non-concessional contribution cap is reducing to $100,000 a year (down from $180,000) or, if brought forward over three years, down to $300,000 (from $540,000).”
Yee said the changes to concessional and non-concessional contributions would have a distinct impact on retirement.
“Those with smaller superannuation balances have the chance to make a significant start on their retirement savings, which they may not have the opportunity to do again and those with more than $1.6 million in superannuation, it may mean their last chance to top up their superannuation,” he said.
“The reality is that anyone who has additional funds at the moment should take the time to understand the changes, and take action in the next month, before the opportunity is gone to make a significant difference to their superannuation.”
Recommended for you
New analysis has uncovered Australia’s top 30 superannuation funds are at risk of a 46 per cent drop in investment returns due to the physical risks posed by climate change.
The industry super fund has appointed an interim chief investment officer following the departure of its last CIO after nine months in the role.
Superannuation returns turned negative in February, with the median balanced option falling by -0.8 per cent, according to research house SuperRatings.
In this Q&A Commonwealth Superannuation Corporation’s CIO, Alison Tarditi, shares how her team navigates market shoc...
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.45 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
