Local News

Impacts of Coming Superannuation Reforms

super fund

Local workers and residents are being warned about upcoming changes to superannuation which may impact their insurance cover. 

Under the reforms which come into effect on July 1, the tax office will have the power to consolidate inactive super accounts with balances below $6,000.

Suzie Brown from Integrity Life says people with insurance inside those superannuation accounts could find it cancelled, unless they take action now.

"My top tip would be to check whether you have any inactive super accounts by logging into your Mygov account and linking it to the ATO then going into the super section. If you do have any inactive super accounts contact your super fund check your statements or access your online statements to check your insurance cover.” said Suzie.