Some of the biggest changes to super system is happening in 2021/22. The Super Guarantee (SG) is to be increased from 9.5% to 10% on 1 July, 2021. This is a percentage of your wage that your employer has to contribute to your super. SG contributions have been frozen at 9.5% since 2014, despite having been originally scheduled to reach the 12% mark by 1 July 2019.

From 1 July 2021 your super fund will automatically follow you, when you change jobs. The benefit of "stapling" is avoidance of duplication of funds, hence duplication of fees.
Super funds will undergo an annual performance test with results being made public on a government website.
Funds that fail the test in two consecutive years will be blocked from accepting new members.
The 3-year NCC Bring-forward contributions are being extended to age 67 with commencement on 1st July 2021 but will be implemented retrospectively to 1st July 2020.
The excess concessional contribution to your personal assessable income and taxed at your personal MTR, with no penalty, and what's more, you will be entitled for the non-refundable tax offset at 15% rate, which is superannuation contribution tax rate.
If you were in the unfortunate situation of having to apply for early super withdrawal under the former COVID-19 condition of release in 2020/21, you will be allowed to re-contribute these amounts back to super as non-concessional without it being counted towards your non-concessional contribution cap.
From 1st July this will change to up to 6 members, which will allow bigger families to accommodate more members in one fund.

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Katherine Isbrandt of About Retirement
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Email: hello@aboutretirement.com.au

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