The Government released its federal Budget on Tuesday, 3 May 2016.
We have again prepared a fact sheet outlining the main super changes proposed in the Budget along with a commentary on how those changes may impact AvSuper members.
The impact for you
With over a dozen super-related proposals in the Budget, the proposed changes may have a significant effect on some members. Some of the key changes include
- reductions on the amount of money you can contribute to super, especially at concessional tax rates
- introduction of a “cap” on the amount of money you can transfer to an income stream (pension) account at retirement
- lowering the income threshold for high income earners (from $300,000 pa to $250,000 pa) where the contribution tax rate changes from 15% to 30%
- removal of the “work test” for older members.
The scope of the proposed changes is such that different groups of members are likely to be impacted in different ways so it is important to review the Budget, and the related legislation as things progress, in line with your personal situation.
Before making major decisions about your super and/or retirement income stream, please remember these changes are not yet law and may well be altered and delayed. We suggest you get personalised advice from our Member Advice Consultants to better understand your options and their implications.
The AvSuper team wishes all members and employers a very happy and safe Christmas.
We also want to thank you for your support over the last twelve months and look forward to helping you have a prosperous 2016.
This also seems like a good time to tell you some important news.
AvSuper office hours
The AvSuper office will be closed over the Christmas/New Year break, from 5pm Wednesday 23 December 2015 until 9am Monday 4 January 2016.
Member Online is of course fully functional throughout the holiday. During this period, you can leave us a phone message or send us emails and we will respond as quickly as possible once the office reopens.
Member online update
We are very excited about 2016 and are pleased to tell you that we expect to be launching an updated Member Online in mid to late January 2016. Full details will be sent out to members in late January but don’t be surprised if you try logging in and things look a little different!
The new improved Member Online will of course continue to allow you to view and update your personal details, investment choice and non-binding beneficiaries, as well as view recent transactions and your insurance cover.
The AvSuper Team
It is now Movember and many of our members will be aware that AvSuper supports this fund raising for the Movember Foundation.
The Movember Foundation is tackling some of the most significant health issues faced by men: prostate cancer, testicular cancer, poor mental health and physical inactivity. They do this through a number of initiatives that support men directly as well as research into these men’s health areas.
In 2015, our Member Advice Consultant Ross Connors is growing a mo to help raise funds. We invite you to help Ross through encouragement and donations – any donations will help the Movember Foundation make an everlasting impact on the face of men’s health.
Donations can be made online at http://mobro.co/rossconnors or contact us for alternative payment options.
Last week, the Regional Aviation Association of Australia (RAAA) held its annual conference to discuss all things aviation for regional areas. 428 delegates attended the conference which was held in the Hunter Valley.
Silas Dingiria (our Manager – Member & Employer Services) and Lawrie Cox (one of our Trustee Directors) represented AvSuper at the conference. They spoke with many current and prospective employers and members during the three days and enjoyed being able to answer questions about super.
We’d like to thanks those members and employers who stopped by and said hello to us. Of course, if you weren’t at the RAAA Conference, you are always welcome to drop into our Canberra office or call us for a chat about super.