What's new in super?

If you receive a random phone call or email about an investment opportunity that sounds too good to miss, keep in mind that it could be a scam.

Here are some tips on what to look out for. Someone who:

• doesn't have an Australian Financial Services Licence (AFSL)
• contacts you several times and asks you to make a quick decision.

Even if the person claims they are from a well known organisation, or gives you glossy brochures or access to a nice website, you should still:

• check if the company has an AFSL number with the Australian Securities Investments Commission
• seek independent professional or legal advice about the person and/or company.

The Government has announced a set of reforms, called 'Stronger Super', which is designed to make Australia's superannuation system more efficient.

The three key proposed reforms are:

• 1. Create a new, simple, low cost default superannuation product called 'MySuper'
• 2. Make the processing of everyday transactions easier, cheaper and faster
• 3. Strengthen the governance, integrity and regulatory settings of the superannuation system, including self managed superannuation funds.

For now there are no changes to your super as the reforms still need to be passed through Parliament. We'll keep you updated on any changes and announcements as they come to light.

In the meantime, you can learn more about the Stronger Super reforms here.

In response to the 2010/2011 Queensland floods, the Government has introduced a temporary 'flood' levy.

It applies to those who have a taxable income above $50,000 in this financial year {unless you are exempt}.

If you earn above $50,000 your employer will take the amount from your pay. The levy will also be charged on certain cash payments made from super.