SUPERNNUATION RULES ARE COMPLICATED
In true Government fashion, the rules around superannuation are complicated and difficult to follow. We have rules in place that are designed to protect the system from the rarest of circumstances, at the expense of simplicity. Unfortunately, breaching our superannuation rules can be expensive, with the rules inflexible and often not providing a remedy other than being heavily penalised.
For example, making a voluntary contribution to super after turning 75 is a no-no, but there is a grace period of 28 days after the end of the month that you turn 75. Surely making the day you turn 75, or even just a simple grace period of 28 days would make more sense… but somewhere, somehow, someone thought that making it complicated would be help.
OUR INFO BROCHURE
To assist work through this minefield, we have created an easy to read information brochure that summarises the rules for both contributing into , and withdrawing from superannuation. We cover off all of the conditions in plain English and make it easy for you to know what the rules are.
You can access this brochure below.
The brochure talks in general terms, and some of the rules have little quirks that modify what we have listed. In addition, the rules seem to change annually as Governments try to win votes – so please ensure you speak to your advisor before acting on anything in the brochure.
