Super Alert 15 July 2022: ATO update re viewing contribution caps online; ASIC annual member statements advice

Articles


Posted By and on 15/07/22 at 12:23 PM

Welcome to the latest issue of the KHQ Super Alert. It has been a quiet week this week with only an update from the ATO in relation to viewing contribution caps online, and a reminder from ASIC for members to engage with their superannuation when they receive their 2021/22 annual member statements.

ATO – Non-concessional contribution cap information on myGov

On 14 July 2022, the ATO issued a media release advising that ‘[m]embers can now view and manage their non-concessional contributions’ via MyGov. The following information is displayed to members when they use the ATO’s online services:

  • ‘the remaining cap amount for the financial year’;
  • ‘whether the member is close to exceeding the cap for the financial year’; and
  • ‘if the member has exceeded the cap, it shows the amount by using clear labels and coloured indicators’.

These enhancements have been made ‘so members can easily view and manage their information’.

Click here for details.

ASIC – Advice to members for annual member statements

On 13 July 2022, ASIC issued a media release in relation to recent comments made by its Chief Operating Officer, Warren Day. Mr Day has encouraged superannuation members to ‘actively engage’ with their annual member statements from the 2021/22 and:

  • ‘[a]ssess super fund performance’;
  • ‘[m]ake sure [they’re] in the right investment option for [their] risk tolerance’; and
  • consider the ‘[o]ptions for accessing [their] super’.

Members have been encouraged to ‘take a long-term view’ in relation to their retirement savings and consider the level of investment risk they are comfortable with. Mr Day advised that members ‘should contact their super fund to discuss their options based on their long-term goals’.

Click here for details.

Want KHQ Super Alerts delivered straight to your inbox each week? Click here to subscribe.

KHQ Lawyers - Sanela Osmanovic

Sanela Osmanovic Senior Associate

Sanela is a Senior Associate in the superannuation & financial services team, and has a broad range of experience working with a range of superannuation fund trustees, superannuation administrators,... Read More

KHQ Lawyers - Natalie Cambrell

Natalie Cambrell Director

Natalie leads our Superannuation & Financial Services team. With more than 25 years’ experience, she has an enviable reputation for her in-depth knowledge in these highly regulated and complex... Read More