Little known super change could cost you thousands

A LITTLE-known superannuation law change could hit Australians hard, an academic has warned.

Queensland University of Technology legal and accounting expert Alastair MacAdam said changes to the anti-detriment benefit provided by many superannuation funds could cost thousands.

"We've been told that the Federal Government's superannuation changes will affect only 4% of people," he said.

"But removal of the superannuation anti-detriment benefit will affect many ordinary people who have a spouse or dependent children - even people on modest government schemes could lose $100,000 or more. It applies to everyone."

Mr MacAdam said the anti-detriment payment was paid to an eligible spouse when a fund member died.

He described it as a "refund" of all the contribution tax and said it went to the dependant spouse and/or children on top of the balance of the super fund.

"For many people with modest superannuation balances this could be anything from $10,000 to $30,000 extra super that their dependents will miss out on after July 2017," he said.

Mr MacAdam said the removal of the payment had largely gone unnoticed by finance commentators.

Topics:  changes superannuation

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Tour gives a valuable ag insight

FIRST-HAND: Withcott Seedlings compliance manager Joe Shiels talks to participants of the the pilot AgWork tour.

The pilot AgWork tour was held last week.

Lake Clarendon says no way to bullying

STAND TOGETHER: Principal Susan Wright and school captains Xanthea Kugel and Felicity Boon with the anti-bullying pledge.

Take a stand and say 'No way!' to bullying

Jackson finds his family at Lowood High

STUDENTS' BESTFRIEND: Lowood State High School student Sophie, with the school's beloved assistance dog, Jackson.

Lowood High's fifth school captain is a little different.

Local Partners