Your super looks very different now

August 13 | 4 min

Superannuation changes that came into effect on 1 July 2021

Superannuation is constantly changing and this year is no different with a number of changes coming into effect on 1 July 2021. Coupled with these changes are the Your Future Your Super measures which some of the biggest changes ever to be made to superannuation, which have come into effect this financial year.

The changes include annual performance tests for MySuper products, with funds prevented from accepting new member money in that product if they fail the performance test two years in a row.

Your Future Your Super


The Your Future, Your Super package’s “stapling” measure means that from November, if you change jobs, your employer has to find your existing super account and pay into it, rather than opening a new account for you with their default fund. This means your Vision Super account should move with you if you change jobs – your account is “stapled” to you! It’s designed to stop people from ending up with multiple super accounts and therefore paying more than they need to in fees.
Start date: 1 November 2021

For more details on all the Your Future Your Super changes please refer to the ATO website.

Other changes

COVID recontribution strategy

If you took money out of your super account under the COVID early release of superannuation measures, you’ll be able to put it back into your super (“recontribute”) without it counting towards your non-concessional contribution cap. Recontributions can be made until 30 June 2030.
Start date: 1 July 2021

Bring-forward arrangement contributions cap

The cut-off age for accessing the bring-forward non-concessional contributions cap has increased from 65 to 67 years. This means individuals aged 65 and 66 who were not previously able to access the bring forward non-concessional contributions cap due to their age may now be able to do so.
Start date: 1 July 2021

New thresholds for contributions caps

There are increases to the amount you can contribute to super through either salary sacrifice or by making a non-concessional contribution.

The update to key super rates and thresholds:

  • concessional contributions cap is $27,500, up from $25,000
  • non-concessional contributions cap is $110,000, up from $100,000
  • the general transfer balance cap is $1.7 million, up from $1.6 million.
    Start date: 1 July 2021

Financial advice

Many of these changes have already come into effect (1July 2021) and there are many ways you can make your money work harder for you – a lot of them are complex. It’s always important to seek help to ensure you’re getting the most out of your super. If you’d like to have a chat with us about how to best take advantage of any of these changes, call us on 1300 300 820 Monday to Friday 8:30am to 5pm.

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