13 June 2017Share
Effective from 1 July 2017, the Australian Taxation Office (ATO) rules regarding the taxation of some superannuation contributions are changing.
It is important for all staff to be aware of these rules and monitor their superannuation concessional (pre-tax) contributions to avoid exceeding the government’s concessional caps. If your concessional contributions go over the cap, you may have to pay extra tax.
Concessional contributions include:
Currently there are different contribution caps depending upon your age, but from 1 July 2017 the concessional cap will reduce to $25,000 for members of all ages.
There are a number of other superannuation changes effective from 1 July 2017 that may also impact you. These include:
If you are a UniSuper member, you can check your concessional (pre-tax) contribution totals by accessing your UniSuper Member Online Account here. If you decide to make any changes to your superannuation contributions all the relevant forms are available from the Superannuation Policy page of the ACU Staff website.
In line with government regulations, ACU’s Superannuation Officer is only able to provide you with general advice regarding your superannuation contribution options. This does not take into account your individual circumstances, such as your financial situation and retirement goals.
If you would like more specific advice regarding your personal superannuation, UniSuper’s Member Services team can be contacted on 1800 331 685. Alternatively, UniSuper On-Campus Consultants are also available to provide onsite, face to face consultation services. You can make an appointment or find further information on the UniSuper website.