Changes to super start Monday, are you ready? ASFA

The Association of Superannuation Funds of Australia (ASFA) has released new fact sheets for consumers regarding the raft of changes to super which start on Monday 1 July 2013.

These include the increase in the Superannuation Guarantee, the changes to super for older workers and the launch of MySuper.

ASFA CEO Ms Pauline Vamos says because there are a number of different aspects to the changes it’s not surprising there may be some confusion in the community.

“Next week marks the start of a number of important changes to superannuation which will have an impact on each and every working Australian. However the way they impact on you will be different depending on your individual circumstances, which is why we have released this quick reference guide for consumers to help them navigate the new changes.”

“If you are still unsure, speak to your employer or contact your superannuation fund who will be able to explain in detail how the changes impact you.”

Ms Vamos says the start of the new financial year is also a good time for people to start thinking about the lifestyle they want in retirement and whether or not they need to put more money into their super in order to achieve it.

“Even just putting away a few dollars a week more can make a big difference to your superannuation balance once you reach retirement. If you can afford to put away a few extra dollars per week, talk to your employer about how to make this happen. For example, if you are under 60 and earning under $300,000, you can contribute up to $25,000 per year into your super taxed at the concessional rate of 15 per cent.”

For further information, visit www.superguru.com.au/1-july-changes-to-super.

The ASFA Super Guru website also has a number of calculators demonstrating how putting away a little bit extra per week can make a big difference to your super balance in retirement as well as information, tools and tips to help you plan for your post-work years. Visit www.superguru.com.au.

For further information, please contact:

Lisa Chikarovski, Media Manager, 0451 949 300

About ASFA

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation whose aim is to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.