Federal Budget 2018-19
A message from Statewide Super CEO, Richard Nunn
On 8 May 2018, Federal Treasurer, Scott Morrison, released his third Federal Budget.
As an industry super fund, we naturally support measures that deliver a fair and more sustainable superannuation system for our members. This year, a range of diverse recommendations to superannuation were tabled, with reform packages designed to protect super from erosion and introduce a new retirement income framework.
We are pleased there were no changes to the legislated increase of the Superannuation Guarantee (from 9.5% to 10% in 2021). Further, there were no major changes to the taxation of super or the concessional and non-concessional contribution caps.
The Australian Institute of Superannuation Trustees has provided the following summary of the announcements impacting superannuation. Please note that these budget announcements are subject to legislation being passed.
Federal Budget 2018-19 – Superannuation measures
Should you have any questions about these announcements and how they may affect your super, we encourage you to speak to one of our financial planners. To make an appointment please call 1300 65 18 65.