The Universal Super Scheme - MLC

News and information
This section of the Annual Report provides you
with information about some of the changes and
enhancements that have occurred to the Plan and
an update on key developments in superannuation
legislation during the financial year.
New superannuation rules
Many of the Federal Government’s reforms to
superannuation took effect from 1 July 2007. Below, we
have provided a snapshot of some of the more significant
changes and recommend you speak to your financial
adviser for a comprehensive assessment of how these and
other changes may impact you. You can also find more
information at www.australia.gov.au/bettersuper.
• Tax–free benefits from age 60: From 1 July,
members aged 60 and over will pay no tax on
payouts (lump sum or income) from the Scheme.
• Ability to stay in superannuation for longer:
You will no longer be required to draw down your
benefits upon reaching age 65 and ceasing work or
when you reach age 75.
• Removal of Reasonable Benefit Limits: Lump sum
benefits will no longer be subject to limits above
which higher tax rates apply. Similarly, pensions paid
to those under age 60 will qualify for a full 15% tax
offset on the taxable portion (rather than a reduced
tax offset based on any excess). However, limits on
contributions will apply as set out below.
• Limits on the amount you can contribute each
year: There are now limits on how much can
be contributed for or by you to superannuation
each year.
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