The Federal Government’s Protecting Your Super Package came into effect on 1 July 2019. The package is designed to protect Australians’ super savings from unnecessary erosion by fees and insurance costs.
The legislation included changes to fees, the transfer of inactive low-balance accounts to the Australian Taxation Office (ATO) and cancelling insurance for inactive members.
- Before adding to your super, consider your financial circumstances, eligibility, contribution caps that may apply, tax issues and when your super can be accessed. We recommend you consider seeking financial advice.
- AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848.
- Personal advice is given by a separate legal entity, not by AustralianSuper Pty Ltd. Some personal advice may incur a fee, which will be disclosed before any work is completed. Subject to meeting eligibility criteria, fees for advice about your AustralianSuper account may be deducted from your account with your consent.