In this guide
- Super caps to rise
- ASIC commences civil proceedings against REST and Statewide
- APRA wants super funds to lift their game on insurance
- QSuper and Sunsuper merger update
- Toyota Super to merge into Equipsuper
- Aware Super and Victorian Independent Schools Superannuation Fund discuss merger
- Costs rise for retirees
- Three strikes and you’re out for SMSF annual returns
- AMP Capital offloads some investment management capabilities
Super caps to rise
Both the concessional contribution and non-concessional superannuation contribution limits will increase on 1 July 2021, following the release of the Average Weekly Ordinary Times Earnings (AWOTE) for the December quarter. The concessional limit is indexed in $2500 increments, which will see that cap rise to $27,500 and the non-concessional limit increase to $110,000.
The maximum non-concessional contribution somebody who was 65 at the beginning of a financial year can contribute under the bring-forward rule will also rise to $330,000 or three times the non-concessional limit.
In addition, in line with the increase in the transfer balance cap, the limit on how much you can have in superannuation and still be able to make a non-concessional contribution will increase from $1.6 million to $1.7 million. Individuals with a total super balance of $1.7 million or more will also not be eligible for the bring-forward arrangements from 1 July 2021.
The limit on whether or not you are entitled to a co-contribution will increase to $1.7 million on 1 July 2021, as will the limit on whether or not you can claim a tax offset for superannuation contributions on behalf of your spouse.
ASIC commences civil proceedings against REST and Statewide
The Australian Securities and Investments Commission (ASIC) has commenced civil proceedings in the Federal Court against two superannuation funds for different matters.
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