Your guide to super measures from 1 July 2018

You may have seen on our website that some super measures were included in the 2017/18 Federal Budget. These measures took effect at the start of the financial year, on 1 July 2018.

The main changes that may relate to your super or retirement account are:

• Replacement of the Superannuation Complaints Tribunal
• First Home Super Saver (FHSS) scheme
• Contributing proceeds from downsizing to super

You might also now be able to take advantage of Catch-up concessional contributions – an initiative announced in the 2016/17 Federal Budget. For more details on this previous budget, see the Federal Budget website.

We’ve summarised the changes for you below, including how some of these measures could help you save more for your future.

Replacement of the Superannuation Complaints Tribunal

The Superannuation Complaints Tribunal (SCT) is an independent body set up by the Commonwealth Government to help members and beneficiaries resolve certain complaints with super funds. From 1 November 2018, the Australian Financial Complaints Authority (AFCA) replaced the SCT.

Who is affected?

If you have a GESB Super, West State Super, Gold State Super, Retirement Income Pension, RI Term Allocated Pension, or a WA Public Sector Pension account, this change is relevant to you.

When did this happen?

1 November 2018

What has happened?

AFCA has replaced the SCT and is now handling all new super complaints made from 1 November 2018.

• The SCT is continuing to deal with all super complaints made, up until 31 October 2018
• If you have an existing complaint with the SCT, your complaint won’t be transferred to AFCA
• If you previously withdrew a complaint with the SCT, you won’t be able to lodge the same complaint again with AFCA
• From 1 November 2018, you may lodge any complaint you have about us with AFCA

More information

• For more details about AFCA, visit their website
• For information on how we handle member complaints, visit our Complaints page or read our Resolving your complaint brochure

Carry-forward concessional contributions

If you’ve had interrupted periods of work, or have had limited, or even no contributions made to your super, you may be able to make ‘catch up’ concessional contributions. The concessional contributions cap (or limit) for a taxed scheme, such as GESB Super, is $27,500¹.

Who is affected?

If you’re a GESB Super member, this could impact you.

When did this happen?

1 July 2018

What has happened?

• From 1 July 2018, if you have a total super balance of less than $500,000 as at 30 June of the previous year, you will be able to carry forward your unused concessional (before-tax) contribution cap amounts into later financial years
• For example, if in the 2018/19 financial year you’ve made $15,000 in concessional contributions, you will have a carry-forward amount of $10,000 that you can access from 1 July 2019
• Unused amounts will expire after five years

More information

• Learn more about How much you can contribute
• See the Australian Taxation Office’s (ATO’s) Change to concessional contributions cap page

First Home Super Saver scheme

If you’re aged 18 years or older, you may be able to save for your first home within your super. This is called the First Home Super Saver (or FHSS) scheme.

Who is affected?

If you’re a GESB Super member, this could impact you. West State Super and Gold State Super are constitutionally protected funds, so contributions made to these schemes are not eligible for the FHSS scheme.

When did this happen?

1 July 2018

What has happened?

• From 1 July 2018, if you’re a GESB Super member and meet eligibility requirements, you can apply to withdraw voluntary contributions made after 1 July 2017 (and the associated earnings) to use towards the purchase or construction of your first home²  
• With the FHSS scheme, you can make either voluntary concessional (before-tax) contributions, or voluntary non-concessional (after-tax) contributions to your GESB Super account
• Your contributions need to be within your annual contribution limits, or caps
• The scheme is administered by the Australian Tax Office (ATO), who will assess your eligibility and advise us on the amount that can be released
• You’ll be able to apply to access the scheme using your myGov account

More information

• To learn more, read First Home Super Saver scheme or visit the ATO’s website
• Learn more about contributing to your super and the caps that apply

Contributing proceeds from downsizing to super

If you’re aged 65 or older, you may be able to make an extra contribution to your super from the sale of your family home.

Who is affected?

If you’re a GESB Super or West State Super member, this could impact you.

When did this happen?

1 July 2018

What has happened?

• From 1 July 2018, if you’re aged 65 or older and meet eligibility requirements, you can contribute up to $300,000 from the sale of your family home into your GESB Super or West State Super account
• You may be eligible to contribute up to $300,000 as an individual, or up to $600,000 as a couple ($300,000 in each account)
• You also won’t need to satisfy the work test that is normally required for people aged 65 who are contributing to their super

More information

• Visit the ATO's website
• Complete the form to make a downsizer contribution from 1 July
• Learn more about contributing to your super and the caps that apply

1 For the 2023/24 financial year. The concessional contributions cap is indexed annually in line with Average Weekly Ordinary Time Earnings in increments of $2,500 rounded down.

2 If you lost ownership of your first home due to financial hardship, you may be able to apply to the ATO to use the FHSS scheme to help you purchase or construct a home which is not your first home. See the ATO website for details.