Super changes you need to know

As we continue through 2021 and into the new financial year 21-22, there’s never been a better time to check in on your super account, and make sure you’re across some of the new updates and changes.

What’s Changing?

Concessional & non-concessional cap

Concessional and non-concessional caps have increased from 1 July 2021. The new financial year brings an increased threshold to the concessional cap, which will now sit at $27,500 (a $2,500 increase). This is in addition to any unused concessional cap amounts accrued since 1 July 2018 if applicable. The non-concessional cap has increased to $110,000 (a $10,000 increase), and the cut-off age for being able to bring forward up to three years’ worth of non-concessional contributions in a single year (if eligible) has increased from 65 to 67 years.

Super Guarantee Increase

As of the 1 July 2021, there has been an increase in the Super Guarantee (SG) to 10%. This applies to most employees earning over the current threshold of $450 per month.  This is a 0.5% increase from the current 9.5%, and is a part of the Super Guarantee increase which is set to progressively rise to 12% by 2025.

If you have any questions about navigating any of the new financial year updates reach out to the friendly team at Energy Super on 1300 436 374 – we’re  here to help!

Before making an investment decision you should consider the PDS and whether the Fund  is right for you. If you need assistance, talk to one of our financial advisers. Any information or advice included in this message is provided by ESI Financial Services Pty Ltd (ABN 93 101 428 782) (AFSL 224952) a wholly owned entity of LGIAsuper (ABN 23 053 121 564) (RSE R1000160). LGIAsuper Trustee (ABN 94 085 088 484) (AFSL 230511) as trustee for LGIAsuper.

This article was publised on 28 October 2021.