Substantial changes to the superannuation rules took effect from 1 July 2017, and further super changes took effect from 1 July 2018.
Have you investigated how the super changes will affect your superannuation and retirement plans for the 2018/2019 year, and for future financial years?
At the same time, many of the super rules in place have not changed from previous years, for example, the rate of compulsory employer super contributions that must be paid remains at 9.5%, and tax-free super for over-60s is still available (up to a limit, and excluding many retired public servants).
A summary of the latest superannuation rules applying for the 2018/2019 year (many which took effect from the start of the 2017/2018 year) is set out below. You can read more detail on each super change by clicking through to supporting articles.
For your convenience, we have split the superannuation rules applying for the 2018/2019 year, into 3 categories of rules:
- Super rules that have been in place for many years, and continue to apply
- Super rules that took effect from 1 July 2017 (from the start of 2017/2018 year) and continue to apply for the 2018/2019 year and future years
- Super rules that took effect from 1 July 2018
Tip: For a list of the latest super rates and thresholds, see SuperGuide article Superannuation rates and thresholds for 2018/2019 year (and earlier years). For the latest income tax rates, including 2018/2019 year income tax changes, see SuperGuide article Australian income tax rates for 2018/2019 and 2017/2018 years (and earlier years).