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Understanding super & money
While a number of changes to Super and Social Security come into effect on 1 July 2022, recent announcements in the lead up to the Election are yet to be made law. It is important to understand what changes will and won’t take effect on 1 July, based on where we are today.
The below changes are law and take effect from 1 July:
*Contribution must be made within 28 days of the end of the month in which the person turns 75.
In the lead up to the Election, the new Government made a number of announcements, including support for some of the proposals put forward by the previous Government. Some of these changes were proposed to commence from 1 July, however the required changes (including in some instances, passage of legislation) has not yet occurred to give effect to these announcements.
For more information, including client toolkits to support you in communicating these changes to clients, see the below resources:
If you have any questions, or would like more information, please contact the IOOF TechConnect team on 1300 650 414.
The information in this section of the website is intended for financial advisers only and is not to be distributed to clients. It has been prepared on behalf of Australian Executor Trustees Limited ABN 84 007 869 794 AFSL 240023, IOOF Investment Management Limited ABN 53 006 695 021 AFSL 230524, IOOF Investment Services Ltd ABN 80 007 350 405, AFSL 230703 and IOOF Ltd ABN 21 087 649 625 AFSL 230522 based on information that is believed to be accurate and reliable at the time of publication.