Financial Information Seminars
The Commonwealth Department of Human Services (DHS) FREE Financial Information Service (FIS) is conducting its latest seminar series from late March to late May 2017. All of these seminars are run at night from 6.30pm to 8.30pm and can be booked by any one who is interested in attending.
The seminar locations are in Maylands, Joondalup, Cannington, Rockingham and Kwinana. There are three seminar topics which are "Age Pension Your Choices", "Understanding Superannuation" and "Understanding Retirement Income Streams". The "Age Pension Your Choices" seminar is the same one conducted at the Superannuation Board's office in October/November 2016.
For more information visit the DHS webpage www.humanservices.gov.au/customer/enablers/upcoming-fis-seminars-western-australia
To book a seminar please call the DHS seminar booking line 136357 or email email@example.com
2016/17 Federal Budget
A number of key superannuation changes were announced in the Federal Budget, making the Budget one of the most significant for the superannuation industry in almost a decade. Below is a list of the key changes that have now been formally approved by Parliament. All of these changes apart from the catch up measures for concessional contributions commence from 1 July 2017.
- Low income tax offset retained
- Reduced $25,000 concessional contribution cap for all individuals
- Reduced annual non-concessional contribution cap of $100,000 (from $180,000) for those with a super balance of up to $1.6 million
- New $1.6 million cap for transfers to pension accounts
- New catch up measure for concessional contributions for people with super balances of $500,000 or less
- 30% concessional contribution tax for those earning over $250,000 per year
- Transition to Retirement (TTR) - tax exempt status of income from TTR pensions removed
- Extension of eligibility rules for claiming spouse tax offset.
If you would like more information on any of these changes please contact us.
Advisers who are seeking information from the Fund on behalf of a FES Super member must provide the Superannuation Board with a valid adviser authority together with certified proof of identity documentation for the member. These third party authorities will be valid for a maximum period of 12 months from the date of receipt, and may be cancelled earlier by the member by way of written notice to the Superannuation Board.
This rule applies to all third party authorities including the situation where a member wishes their spouse or partner to obtain information on their behalf, and is intended to protect the member's personal details.
If the adviser authority is no longer valid (i.e. it is more than 12 months from the date of its receipt) the Superannuation Board will require a written update to be made by the adviser or member before disclosing any details to the third party.
To help you maximise your superannuation we have provided you with a direct link to the Super Guru website that is maintained by the Association of Superannuation Funds of Australia Ltd. To access the Super Guru website click on the words "Keep your Super unified" above.
Rolling over your superannuation accounts from other funds into FES Super will make it easier for you to manage your superannuation and reduce the overall administration fees you have to pay for your super.