QHA_March 2018_Electronic_s

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