Is your super ready for end of financial year?
                                                           
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Is your super ready for end of financial year?
Axis THE EOFY EDITION

Welcome to the new look Axis, our super member newsletter. With June 30 just around the corner, we have some information for you to consider in the lead up to the end of the financial year.

 

Superannuation changes effective 1 July 2017

There are a number of changes to superannuation you should be aware of so you can take any necessary steps for your situation prior to 30 June 2017.

• Concessional (before-tax) contributions to superannuation will be capped at $25,000 per year, regardless of age. These continue to access a tax rate of 15% per year compared to your marginal tax rate. This is a reduction from the current cap of $30,000 for those under 50 or $35,000 for those over 50.
• The total non-concessional (after-tax) contribution you can make will be capped at $100,000 per year and up to $300,000 (for those under 65) under the three-year bring forward rule. This is a reduction from the current cap of $180,000 per year and $540,000 under the three-year bring forward rule.
• If your total super balance is over $1.6 million as at 30 June of the previous financial year, or you are aged 65 years or over and are no longer working, you may be restricted from making non-concessional contributions.
• The maximum amount you can invest in the retirement phase will be $1.6 million. If the balance exceeds this, you will be required to move the excess back to the accumulation phase or withdraw the amount as a lump sum by 1 July 2017. Please note, this deadline is extended to 31 December 2017 if the excess amount is below $100,000.
• Earnings on Transition-to-Retirement pensions will be taxed at up to 15% per year compared to their current tax-free status.
 

End of financial year - key transaction and processing cut-off dates

To help you lodge transactions with us in time for processing this financial year, all required paperwork needs to reach our Perth office by the cut-off dates and times outlined.

• Using BPAY®? You need to submit a BPAY transaction with your financial institution in time for us to receive it by 5pm (AEST)/3pm (AWST) on Thursday 29 June. You can find your BPAY customer reference number on Investor Online at Account > Account details. Note: Your financial institution has their own processing commitments – we suggest contacting them to confirm their timeline to make our cut-off.
• Sending a cheque? Please ensure we receive your cheque and the related Application or Contribution Remittance Advice form by 5pm (AEST)/3pm (AWST) on Thursday 29 June.
• Prefer direct debit? Original Direct Debit Request forms and the related Application or Contribution Remittance Advice form need to be received by 5pm (AEST)/3pm (AWST) Thursday 29 June.
• Writing cheques. Please ensure your cheque (payable to ‘Asgard – your account number’) is clearly written, signed, dated and the amounts in numbers and words match.

We have also put together a ‘What to expect at the end of the financial year’ factsheet with general information regarding some impacts you may see on your account resulting from processing times as well as what’s required to produce Tax Reports.

® Registered to BPAY Pty Ltd ABN 69 079 137 518

 

Latest offers on Benefits Now

As an Asgard super customer, you have access to Benefits Now with a generous range of offers, special deals and discounts on everyday things, from movie tickets and holidays to retail therapy and insurance. Log in to Investor Online to see the full range of offers available to you.

Contact us

To talk about your super account, simply call one of our super specialists between 8.00am and 6.30pm (Sydney time) Monday to Friday.

phone  1800 998 195
email   Email us

Information current as at 31 March 2017. This publication has been prepared by Westpac Banking Corporation ABN 33 007 457 141 AFSL & Australian credit licence 233714 (Westpac). The information provided in this newsletter does not take into account your personal objectives, financial situation or need and so you should consider its appropriateness having regard to your personal objectives, financial situation and needs having regards to these factors before acting on it.

Any tax considerations outlined in this newsletter are general statements, based on an interpretation of the current tax law, and do not constitute tax advice. Your individual situation may differ and you should seek specific tax advice from a registered tax agent or registered tax (financial) adviser.

Superannuation is a long-term investment. The government has placed restrictions on when you can access your preserved benefits. The Government has set caps on the amount of money you can add to superannuation each year on a concessionally taxed basis. In addition, the government has set a non-concessional contributions cap. For more detail, speak with a financial adviser or visit the ATO website.

This newsletter may contain material provided by third parties derived from sources believed to be accurate at its issue date. While such material is published with necessary permission, no company in the Westpac Group accepts any responsibility for the accuracy or completeness of, or endorses any such material. Except where contrary to law, we intend by this notice to exclude liability for this material.

Asgard is a member of the Westpac Banking Corporation (Westpac) group of companies, which includes Westpac, St.George Bank - a Division of Westpac Banking Corporation (St.George), Securitor Financial Group Limited, Westpac Life Insurance Services Limited, Westpac Securities Administration Limited, Westpac Funds Management Limited, BT Funds Management Limited, Advance Asset Management Limited, BT Financial Group Pty Limited, Magnitude Group Pty Limited, BT Portfolio Services Limited, BT Life Limited, BT Securities Limited, and other entities which provide various financial, funds management, insurance, superannuation, investment and administrative services from time to time.

Unless otherwise disclosed in the offer document for the relevant financial product, a financial product or service issued or offered by Asgard is not a deposit with, investment in or other liability of Westpac, nor any other company within the Westpac Group. They are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither Westpac nor any other company within the Westpac Group stands behind or otherwise guarantees the capital value or investment performance of any financial product or service issued or offered by Asgard.

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