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1 July 2019 Protecting Your Superannuation Package

1 July 2019 Protecting Your Superannuation Package


In a nutshell, to protect a person’s retirement savings, from 1 July 2019:


Context

When considering the Protecting Your Superannuation Package and protecting a person’s retirement savings, a recent report* by the Productivity Commission provides some context:


It’s important to note that the majority of stakeholders support the Protecting Your Superannuation Package. However, this has not been without its concerns^. For example:


Potential action

In our article, ‘Multiple super accounts and you’, we highlight several of the above points; however, we also highlight, for example, in some instances it can make sense to retain multiple superannuation accounts.

For example, you may be in a position where:



In this instance, depending on your personal circumstances, the first superannuation account may be identified as either an inactive or inactive low-balance account now or into the future.

Consequently, you may need to take steps to ensure that your insurance is maintained – this may also be pertinent if you are taking time out of work (raising a family or a career break/sabbatical).

If you have any questions regarding this article, please do not hesitate to contact us.

*Australian Government, Productivity Commission. (2018). Superannuation: Assessing Efficiency and Competitiveness.

^Australian Government (2018). Bills Digest no. 32, 2018–19.

 




                                                                











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