Superannuation

2. From 1 January 2020, individuals who have multiple employers and earn more than $263,157 will be able to nominate their wages from certain employers are not subject to the Superannuation Guarantee. This will help them avoid breaching the concessional contributions cap of $25,000. The proposal has been legislated.

3. From 1 April 2020, trustees will be prevented from providing opt-out insurance to a MySuper or choice product member where:

• the account balance that relates to the product is <$6,000 and has not been $6,000 or more on or after 1 November 2019,
• the member is under the age of 25 and begins to hold the product on or after 1 April 2020.

Importantly, where a member meets one of the abovementioned criteria, the trustee may only provide insurance where the member elects to obtain or maintain the insurance cover, or the member has been classified (by the trustee or trustees) as being employed in a dangerous occupation. The proposal has been legislated.