QHA_March 2018_Electronic_s
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Brendan O’Farrell SUPERANNUATION<br />
THE NEW SUPER RULES YOUR TEAM<br />
WILL WANT TO KNOW ABOUT<br />
We’re well into <strong>2018</strong> now, and I hope your year<br />
has been successful so far. With the peak period of<br />
January out of the way, I’m sure most of you will have<br />
settled back into usual routines. If you need assistance<br />
with any superannuation processes that were put on<br />
hold during the busy season, Intrust Super would be<br />
happy to help.<br />
The Intrust Super team has also been settling into<br />
the usual yearly routine, and preparing for a few<br />
changes that are coming our way this year. Two new<br />
superannuation rules passed through Parliament<br />
late in 2017, and will be taking effect from 1 July<br />
<strong>2018</strong>. The new rules are an exciting development in<br />
superannuation, and could mean a better financial<br />
future for your team.<br />
DOWNSIZER CONTRIBUTION<br />
The downsizer contribution could be a fantastic<br />
opportunity for those nearing retirement. The new rule<br />
allows those over 65 to make an after-tax contribution<br />
to their super, up to a maximum of $300,000, using<br />
proceeds from the sale of their family home.<br />
This could be a worthwhile opportunity for anyone<br />
whose children have long since moved out, or who are<br />
considering a smaller home with lower maintenance<br />
costs. For any elderly family members who are looking<br />
into retirement accommodation, it’s an opportunity<br />
they could use to boost their super.<br />
The contribution will not count toward contribution<br />
caps, nor will it be affected by the $1.6 million transfer<br />
balance cap. It’s limited to $300,000 per individual, so<br />
a couple selling their shared home could contribute up<br />
to $600,000.<br />
Just keep in mind that the amount contributed will<br />
not be exempt from the assets test used to assess<br />
eligibility for the Age Pension.<br />
FIRST HOME SUPER SAVER SCHEME<br />
Young staff members looking to buy their first home<br />
might want to consider the First Home Super Saver<br />
(FHSS). The scheme enables first-home buyers to use<br />
their superannuation to assist in saving for a deposit.<br />
Any before or after-tax contributions made from 1 July<br />
2017 will count toward the FHSS balance. A maximum<br />
of $15,000 from one financial year and $30,000 in<br />
total can be claimed for use on a house deposit.<br />
Withdrawals will become available on 1 July <strong>2018</strong>.<br />
The government believes the tax advantages available<br />
in super will help first-home buyers save for a deposit<br />
much faster. It could also help more young people start<br />
engaging with their superannuation accounts.<br />
If any of your staff decide to take advantage of this<br />
scheme, it could result in an increase in salary sacrifice<br />
requests. But salary sacrificing is not the only way<br />
to make tax-advantaged contributions to super.<br />
Employees can also apply for a tax deduction on any<br />
personal contributions they make to their super, and<br />
receive the same tax benefits as salary sacrificing.<br />
Your Intrust Super Relationship Manager would<br />
be happy to talk to staff about the range of super<br />
contributions available to them. They can also give<br />
any interested staff more information on the FHSS.<br />
Give them a call today!<br />
The information contained in this document is of a general nature only,<br />
and does not take into account your individual situation, objectives<br />
and needs. You should consider the appropriateness of the general<br />
information having regard to your own situation before making any<br />
investment decision. A Product Disclosure Statement is available at<br />
www.intrust.com.au or call us on 132 467 for a copy.<br />
Issued by IS Industry Fund Pty Ltd | MySuper Unique Identifier:<br />
65704511371601 | ABN: 45 010 814 623 | AFSL No: 238051 | RSE<br />
Licence No: L0001298 | Intrust Super ABN 65 704 511 371 | SPIN/<br />
USI: HPP0100AU | RSE Registration No: R1004397<br />
<strong>QHA</strong> REVIEW | 33