Government passes other superannuation legislation

The Government has recently passed legislation requiring insurance in superannuation for new members under 25, and members with low balance accounts, to only be offered on an opt-in basis from 1 April 2020.

Importantly, low balance account holders and young members will still be able to opt in if they want to take out insurance.

Additionally, a targeted exemption will allow trustees to elect to provide insurance on an opt-out basis to members employed in emergency services, such as police, ambulance officers or firefighters or other workers employed in the top 20% riskiest occupations.

At Omnis Financial Planning we help retirees, business owners and professionals to manage their financial affairs to build and protect their wealth so they may enjoy a life of financial security and choice. Read more here or contact our Financial Planning team in Subiaco Perth on 08 9380 3555.

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