New financial year brings new super changes
With the number of changes coming into effect for super from today, the start of the new financial year is a good time to do a "super health check", the Association of Superannuation Funds of Australia (ASFA) said.
ASFA CEO Pauline Vamos said with the superannuation guarantee rising from 9.25 per cent to 9.5 per cent, a 30-year-old on a salary of $60,000 could end up with an extra $6000 in their final retirement piggy bank.
The concessional contribution caps for those under 50 will rise as well, meaning it will rise to $35,000 for those over 50, and to $30,000 for those under 50.
Indexation of non-concessional caps has been reinstated and the threshold has risen to $180,000 for 2014/15. The three-year bring forward option has also risen to $540,000.
ASFA urges members to roll multiple super accounts into one to avoid paying extra fees or insurance and other services members do not need or cannot use.
Vamos said early planning and saving will help achieve the desired lifestyle.
"Every dollar you put in super before you turn 35 could be worth around $7 in retirement," she said.
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