What's new

Superannuation calculator regulations updated

Thursday, 14 July 2022

On 30 June 2022, ASIC released Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603 and Regulatory Guide 276: Superannuation forecasts: Calculators and retirement estimates. (Superannuation calculators have been removed from the existing generic calculators instrument.) The majority of the changes are focused on retirement estimates, but there are some changes for superannuation calculators. Key points are:

• The Retirement Income Simulator is a superannuation calculator under the new regulations
• Superannuation calculators are member data agnostic
• Personal data can be inputted into a superannuation calculator
• 'Inputted' includes inputted with member consent
• Super calculators must use standard default inflation rates of 4% p.a. for salary growth and 2.5% p.a. for price growth
• Providers of calculators are encouraged to ensure that their default investment returns are consistent with the standard default inflation rates (RG 276.212)
• Future values must be deflated using salary growth for the period up to retirement age and price growth for the period after retirement age
• The disclosure requirements are unchanged from the generic calculators requirements

There is a six month transition period to the new regulations, which must be complied with by 1 January 2023. We are expecting to have the Retirement Income Simulator updated well before that.

Tags: regulation

Calculator update 1 July 2022

Friday, 1 July 2022

Today we released the updated Retirement Income Simulator for the 2022-23 financial year. There were no changes to the underlying calculations, just parameter updates as follows:

• Co-contribution eligibility income threshold to $42,016
• SG minimum rate to 10.5%
• SG maximum contributions base to $240,880
• Age pension means test and deeming thresholds
• Underlying indexed values of contribution caps and transfer balance cap
• Extension of minimum drawdown relief for 2022-23

In addition, disclosure relating to these parameters was updated

Tags: update

Calculator update 1 July 2021

Thursday, 1 July 2021

Today we released the updated Retirement Income Simulator for the 2021-22 financial year. There were no changes to the underlying calculations, just parameter updates as follows:

• Co-contribution eligibility income threshold
• SG minimum rate
• SG maximum contributions base
• Age pension means test and deeming thresholds
• Underlying indexed values of contribution caps and transfer balance cap
• Extension of minimum drawdown relief

In addition, disclosure relating to these parameters was updated

Tags: update

Tax changes arising from Federal Budget 2020

Monday, 9 November 2020

Tags: tax budget

Calculator update 1 July 2020

Tuesday, 7 July 2020

Today we released the updated Retirement Income Simulator for the 2020-21 financial year. There were no changes to the underlying calculations, just parameter updates as follows:

• Co-contribution eligibility income threshold
• SG maximum contributions base
• Age pension means test and deeming thresholds
• Underlying indexed values of contribution caps and transfer balance cap

Tags: update