The Australian Taxation Office (ATO) has confirmed increases to concessional superannuation contributions from $25,000 to $27,500, as well as changes to non-concessional contributions and the transfer balance cap.
The changes were announced by the Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume and would come into effect from 1 July, 2021.
“The annual non‑concessional contribution cap will also increase on 1 July 2021 from $100,000 to $110,000,” Hume said.
“The latest figures also show an indexed increase in the transfer balance cap from $1,600,000 to $1,700,000.”
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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