Super Changes Update and Mygov

Over the years the government has been transferring retirement responsibility from them to you.

Where previously the Age Pension and perhaps Defined Benefit Schemes were the key financial issues, more and more retirees are now in charge of managing substantial capital and investments, and now will have to be ahead of all the new rules such as caps and balances. Penalties can be severe and costly for errors, particularly with SMSFs.

Super remains the best place to store your retirement monies as it is a tax-free environment for investment earnings and income paid to you. Given this fact the Government is trying to limit large amounts accumulating there so they can gather more tax and “fix the budget’.

While it often seems like the rules are “always changing”, non-Super investments are also open to rule changes –

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  • Franking credits on shares may end
  • Capital gains tax 50% discount may be reduced
  • Negative gearing may end (only being able to claim deductions to $0 not create a loss)
  • The status of homes to continue to be fully exempt under Centrelink

As such a key goal for retirement is to maximise your core superannuation income, then hold additional non-super investments as a supplement.

Super Changes  


We have already been in contact with anyone significantly and directly affected by the new super rules that passed legislation in November 2016 (implementation filtering out through to March 2017). At your Annual Planning Meeting we will review once more with you, based on your balances and issues.

However, now that the immediate dust has settled for urgent changes, it is worthwhile to: 

  • revisit the key recent changes, and
  • how we will keep on top of matters for you.

As a reminder here are the key issues and opportunities : -

  1. The issue affecting most of our clients is the reducing amount you can contribute. New caps include $25,000 p.a. pre-tax contributions and $100,000 p.a. after tax contributions.
  2. There are NO changes to age rules – and in particular you still need to meet a ‘work test’ to contribute after age 65.
  3. There will be limits on contributing any further to super once your combined amount in super exceeds $1.6 million. This is called the Total Super Balance or TSB. There are some complex rules around how this is calculated and applied.
  4. There are limits on how much super you can roll into the Retirement Phase (Pension Phase). The magic number is $1.6m per person for the Transfer Balance Cap. It is creating some confusion as it looks the same as the TSB Cap. They are separate matters and both are tracked. 
  5. In the event of one member of a couple passing away, and their super being inherited by their spouse, there will be many people caught by the $1.6m
  6. From 1/10/2017 – 14/12/2017 the majority of super funds will be reporting their balances to the ATO (based on your balance as at 30/6/17). SMSFs have until 1/7/18.
  7. The ATO is about to launch new compliance rules to report transactions regarding superannuation more regularly, likely that major transactions will need to be reported within 30 days of the event.

The clients we have already been helping with these matters have voiced that they have peace of mind we are looking ahead and keeping abreast of these changes for them. We can be thorough and pro-active due to our smaller client base and concentrated approach delving more deeply with you about lifestyle, health, family and housing plans, not just ‘product’ issues and advice. 

However we will need access to the latest information and “see what the ATO sees”.

Action: Before your next meeting with us we recommend setting up your access to your superannuation information such as balances and caps via the portal.

We will be looking more regularly now for information from you to check you are complying – the portal is the quickest way to obtain this and avoids any fees your accountant (who is the only other person who can access this data for you) may charge you for the time their staff take to access relevant information.  Refer below for more information.


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The portal will be your quickest way moving forward to access information for your advisers, accountants and SMSF administrators.  We would encourage our clients to set up access asap, or your next meeting with us at the latest.

The government describe myGov as “a secure way to access government services online with one login and one password.”

You can link all or some of these government services to a myGov account:


  • Medicare
  • Australian Taxation Office
  • Centrelink
  • Australian JobSearch
  • My Health Record
  • My Aged Care
  • Child Support
  • Department of Veterans' Affairs
  • National Disability Insurance Scheme
  • Victorian Housing Register Application

    If you link the ATO to your portal you can then look up: -
  • Tax Information
  • Superannuation Information such as your Total Super Balance
  • Contributions History Information
  • Bring Forward Arrangements for those making larger after-tax super contributions
  • After 1/10/17 your Transfer Balance Cap data about pension balances will become accessible

myGov Inbox can store all of your government communication and describe they “will keep your letters, statements and messages safe, secure and in the one place”.

You can update your address and contact details in your myGov account and your changes will also be made with your linked member services.

If you have an ABN, you can connect it to your myGov account.

If you require help to create your mygov account and link services you can reach the myGov helpdesk on 13 23 07, select Option 1.