Super is big business. With $1.3 trillion sitting in Australian super funds and over $18 billion in lost super, it’s important to make sure super is working. The Australian Government is making a series of improvements to super over the next seven years to help protect and grow the savings of all Australians. The first changes apply from 1 July 2012.
As an individual, even if you don’t take an active interest in managing your super, these improvements will help your super grow and protect your money for the future. To make the most of the improvements, there are a few small things you can do now that can mean big things for your lifestyle in retirement. So take a few small steps to get your super organised. It’s never been easier.
As an employer you play an important role in helping your employees save for their future. The changes to super mean there will be changes to your super and reporting obligations that you need to start preparing for.
There are changes to your obligations as a trustee of a self-managed super fund (SMSF). The changes are aimed at increasing community confidence and improving the integrity, operation and efficiency of the SMSF sector.