John Cameron's personal blog

Serious discussion about your financial position now - and in the future.

5 Superannuation Myths Debunked!

Anybody following the Hayne Royal Commission could be excused for thinking our superannuation system is broken. It is not – although parts of it need serious repair.

An excellent article in the Australian Financial Review of 18-19 August, addressed and dispelled a number of myths surrounding the superannuation system.

The author of the Chanticleer column identified the following myths:

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Amended Super Amendments Pass

Miracle of Miracles, Wonder of Wonders -  the much debated, and heavily criticised (by some) changes to the superannuation system have passed Parliament and are set to become law. The original changes (amendments) were announced in the May budget. As a result of heavy criticism, the original amendments have been amended sufficiently to pass through the Parliament.

Passage through Parliament at this time indicates a degree of cooperation between the various political parties. It was starting to look like they may not pass until the March sitting of Parliament, and this would have put their implementation date under pressure, as the changes are due to start on 1st July, 2017.

Now the work begins of looking closely at the details. On first glance, it looks like the effects of the changes will vary greatly between different individuals. Some people will see no change at all. For others, the changes will be substantial. More to come.

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