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Make Super change
a super opportunity

The Federal Government introduced a range of changes to superannuation which took effect from 1 July 2017.

These changes may have an impact on your retirement goals, so we'd like to help you understand the key changes and what they could mean for you.

Some of the key changes from 1 July 2017 include:


Changes to contribution caps

Your plans to achieve your retirement goals may be affected by the changes if you:

  • Make before-tax (concessional) contributions greater than $25,000 per year
  • Make, or plan to make, after-tax contributions greater than $100,000 per year
  • Have a total super balance with a value of more than $1,600,000
  • Have income greater than $250,000 per year and make before-tax contributions to super
  • Make contributions to your spouse’s super where their income is less than $40,000 per year

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'Transition to retirement' changes

From 1 July 2017, the earnings on transition to retirement products will be taxed at up to 15% until you turn 65, retire or meet another condition of release. This change may impact whether your transition to retirement product is still an effective strategy for you.

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Limits on retirement products

  • From 1 July 2017, there’s a new $1.6 million limit on the amount of super you can transfer and hold in tax-exempt retirement phase account(s). The limit will be periodically indexed in line with CPI.
  • If you had a retirement product at 1 July 2017 that was at or below the limit, any investment earnings on that amount from 1 July 2017 will not count towards the limit. If you start a retirement account after 1 July 2017, once you start your account, investment earnings on your account will not count towards the limit.
  • Some retirement products, including lifetime pensions, annuities and term allocated pensions, have special rules for calculating the amounts which make up your limit.

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It’s important to ensure you continue to have the right strategies in place to achieve your retirement goals. For more information on the changes, contact your financial adviser, or call us on 132 652 between 8am and 6pm (AEST/AEDT), Monday to Friday.


Why Super remains a super opportunity

Super continues to be a tax-effective way to help you achieve your retirement goals.

  • Generally low rates of tax on earnings
    Earnings are taxed at the low rate of up to 15% which, for most people, is lower than their marginal tax rate. Before-tax contributions, including salary sacrifice and employer contributions are still generally taxed at the low rate of 15%. Depending on your income, if you make eligible contributions, you may even be entitled to additional tax benefits and Government support to make your super work even harder for you.
  • Additional tax on contributions
    If your income and before-tax contributions are greater than $250,000 pa, you need to pay an additional 15% tax on before-tax contributions which cause you to exceed the $250,000 threshold.
  • Tax-exempt earnings from retirement products
    Once you’re 60, growth and earnings from retirement income streams are tax-exempt (if paid from a taxed fund). The exemption excludes transition to retirement pensions which will be taxed on earnings and growth at up to 15%, or 10% on eligible capital gains if the fund is eligible to apply the discount.

This communication is issued by NULIS Nominees (Australia) Limited (ABN 80 008 515 633 AFSL 236465) (NULIS). It is for general information and has not taken into account any particular person’s objectives, financial situation or needs. Before deciding to make a contribution to your superannuation, interested persons should consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. The information contained in this communication is current as at 1 July 2017. Any changes in the law or policy subsequent to this date have not been incorporated in this material.

NULIS is the Trustee of the MLC Super Fund (ABN 70 732 426 024) and the MLC Superannuation Fund (ABN 40 022 701 955). NULIS is part of the National Australia Bank (NAB) group of companies. An investment with NULIS is not a deposit or liability of, and is not guaranteed by NAB. Neither NULIS nor any other company in the NAB group of companies accepts any liability whatsoever for any decision that is made on the basis of or in reliance of the information contained in this material. NULIS is not a Registered Tax Agent and any tax information is of a general nature and should not be relied upon to determine your personal tax situation. It is recommended that you consult a professional tax adviser who is a Registered Tax Agent about your personal circumstances.