Superannuation changes from 1 July 2014
1 July 2014
With the start of a new financial year, now is the ideal time to take a moment to review your super contribution arrangements and plan for the year ahead. By planning now, you have the benefit of maximising the time over which you can implement your preferred contribution arrangements, as well as seek advice from your super fund or chosen professional adviser. A small investment of your time and the right advice now may potentially be of benefit to you or at the very least provide peace of mind that you are on the right strategy.
By planning now, you will also be able to take into account the changes to superannuation (outlined below) that came into effect on 1 July 2014.
Concessional contribution caps
The government imposes limits, called contributions caps, on the total amount of contributions that you can make to super in each financial year and still receive concessional tax treatment on those contributions. The following changes came into effect on 1 July 2014.
- The general concessional contribution cap will increase to $30,000 per annum (previously $25,000).
- For people aged 49 years or over on 30 June 2014 the concessional contributions cap will be temporarily increased to $35,000 for the 2014/15 financial year.
Super guarantee rate has changed from 9.25 percent to 9.5 percent
If you currently receive superannuation contributions at the super guarantee rate, the rate has increased from 9.25 percent to 9.5 percent of your ordinary time earnings.
How to commence or alter additional voluntary superannuation contributions
To commence or alter additional voluntary contributions to your UniSuper accumulation account, simply download and complete the Unisuper Additional Contributions form (40KB PDF) and return to the HR Service Centre at firstname.lastname@example.org.
Where to get further information and advice
We highly recommend all staff seek professional financial advice before making any changes to contribution arrangements. You may wish to consider the following sources of information available to you or seek advice from a suitably qualified adviser of your choosing.
Unisuper campus consultant
Available on Camperdown Campus Thursday and Friday each week
View your super account online. Get started here or contact Unisuper member services 1800 331 685
Find out more about financial advice available.
State Super general enquiries
State Authorities Super Scheme (SASS) 1300 130 095
State Super Scheme (SSS) 1300 130 096
State Super Financial Services
T 1800 620 305