Mortgage Business
MP quizzes banks on super for housing By Sarah Simpkins 08 July 2021
Liberal MP Tim Wilson has grilled the major banks on what regulatory changes would be needed to allow first home buyers to drain their superannuation for house deposits.
The House of Representatives standing committee on economics has released the responses of a number of banks to a question from Mr Wilson, around raiding superannuation savings to purchase a home.
Mr Wilson, who is chair of the committee, has previously rallied for early access of superannuation savings for first home buyers, to place towards house deposits – despite Superannuation Minister Jane Hume denying the government would consider implementing such a measure.
As of July 1, compulsory employer contributions rose to 10 per cent from 9.5 per cent.
But in some cases, bosses may be docking your pay to cover the super increase.
RateCity research director Sally Tindall, an adviser to former Labor prime minister Julia Gillard, said this was more likely to happen if someone was on an employment contract that grouped superannuation with salary. If you ve negotiated a package salary which includes the company s super contributions in the total amount, there s a chance your company will cut your take-home pay to fund this super increase, she said.
Australians on employment contracts may soon be having their pay docked under new superannuation rules. As of July 1, compulsory employer contributions rose to 10 per cent from 9.5 per cent
How increase in super contributions to 10 per cent from July 1 will boost your retirement savings dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.
Workers expecting a rise in their superannuation payments on July 1 could be in for a shock. While their retirement contributions from their employer are set to go up, it might mean a cut to their take-home pay.