Changes to superannuation – what does it mean for you?

For Individuals
January 15, 2019

Super. It’s really everywhere at the moment. Not a day goes by when there isn’t a piece of news about superannuation – changes to your super, the Banking Royal Commission and government recommendations. We realise it’s confusing.

Earlier this month, the Sydney Morning Herald reported that Australian workers will be better off under Commissioner Kenneth Hayne’s recommendations designed to overhaul the $2.6 million superannuation sector.

What will the recommendations mean for you?

In short:

  • Employees will have only one default superannuation account – this is designed to stop the unnecessary draining of fees due to having multiple accounts.
  • The unsolicited selling of superannuation products will be banned – this is to address the fact that over time, consumers may have been sold superannuation products that were not in their best interest.
  • The deduction of advice fees for MySuper accounts (a low-cost, simple superannuation product) will be prohibited, and fees on other ‘choice’ accounts will be limited.

At Nexis we will keep you up to date on the latest superannuation news as it comes to hand. Need advice on super? Chat with us today.

Your Link to Growth

A long time vision for us, Your Link to Growth reflects our approach and aspirations to assist our clients, staff and community to reach their goals. We do this through holistic and innovative financial solutions for businesses and individuals. Founded in 2004, we are a well established business based in Canberra and Brisbane.

Learn more about Nexis

Get in touch with Nexis

Talk to our friendly team today about all your tax needs.

Other news

Tax and Family Trust Laws 2023 Update

Tax and Family Trust Laws 2023 Update

2023 has seen some of the most significant changes to tax and family trust laws, and with 30 June 2023 approaching, we want to make sure you are aware of how these changes may affect you. Big changes to tax laws and family trust laws in 2023 The last 12 months have...

read more