Your Super, Your Future

On 17 June 2021 the Your Super, Your Future package was legislated. This was billed to be one of the biggest changes in the superannuation industry since the simple super legislation was introduced in 2007.

The key components of this package are as follows;


Bring forward rule extension:  From 1 July 2020 the age limit increased to allowed people over 65 but younger than 67 to contribute to super without having to meet the work test. This brought the super contribution rules into alignment with the eligibility for the Age Pension.

Unfortunately the extension to contribute without a works test through to 67 years of age didn’t bring with it the ability to access the bring forward rule. You could only contribute up to the non-concessional contribution cap of $100,000. Compared to people under 65 who could contribute $300,000 by bringing forward their next two financial years non-concessional contribution caps.

This week the ability for non-concessional contributions to be brought forward has now been extended through to those over 65 but under the age of 67.

The legislation has been brought in retrospectively allowing the bring forward provisions to be utilised from 1 July 2020.


Excess concessional contributions surcharge has also been abolished from 1 July 2021. This was an interest charge applied to the amount contributed above $25,000 in a financial year. Now more simply any excess will be returned from the super fund and taxed at your marginal tax rate.


Covid-19 re-contributions will now be allowed and not be included in the concessional and non-concessional contribution caps. This applies to those who accessed their super during the Covid-19 condition to release window in 2020/21 financial year. The re-contributions can be made between 1 July 2021 and 30 June 2030 but you will not be eligible for a tax deduction on these amounts and cannot exceed the amount withdrawn.


Fund stapling will apply from November 2021, this is legislation to attach a members superannuation fund to them so when they change jobs the new employer will contribute to the members existing fund as opposed to starting a new default fund.


Self-managed super funds will now be allowed to have a maximum number of 6 members increasing from 4.





This is intended to be general advice only. Goldsborough Financial Services has not taken into account the objectives, financial circumstances or investment needs of any particular person.  For specific advice on your situation please contact your Goldsborough Financial Planner.

Sam Martin
Certified Financial Planner®

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