With the biggest changes to superannuation in a decade about to commence on 1st July 2017, now more than ever it is vital that you be careful who you get advice from (or who you get information from).
Today (24/6/17), I received an email from a new superannuation provider – Spaceship – (spaceship.com.au).
Spaceship is backed by some big names from the Tech industry and is trying to ‘disrupt’ the financial services industry. To date they have received some interesting press with many saying that they are quite expensive compared to others, have limited choices available, and as yet, no insurance options.
More concerning, this email I receive today said the following:
“Regulatory update:The Government will introduce a $500,000 lifetime cap for non-concessional contributions. The lifetime cap will limit the extent to which the superannuation system can be used for tax minimisation and estate planning. Click here to find out more about how the budget may affect your Super.”
The problem is that this is TOTALLY INCORRECT. The $500,000 lifetime cap was a proposal that did not make it into the final legislation, and as such does not exist. There are other limits that apply, but this one does not.
I only hope that no one is relying on this information to make financial decisions!!
PS I have emailed Spaceship to advise them of their error, and will wait to see if they send out a correction notification.