Woman enjoying on the hill and 2019 years while celebrating new year

Changes that may affect you in 2019

Changes that may affect you this year


There are a few changes to financial rules coming in 2019. We’ve summarised the main changes that you might need to be aware of below.

The following changes will apply in 2019:

  • Credit card reform – On 1 January, several credit card reforms were put in place. These will require providers to change the way they assess customers’ ability to repay debt and make it easier for customers to cancel or reduce their limits. You can read more about these changes in the upcoming February edition of our 360° Magazine.
  • Concessional catch-up contributions – From 1 July 2019, those who have not used their entire $25,000 before-tax super contribution limit, and have less than $500,000 in super, will be able to carry-forward any unused portion for up to five years.
  • Age Pension age – On 1 July 2019, the Age Pension age threshold will be increasing to 66. This means that those born between 1 January 1954 and 30 June 1955 will only be able to access the Age Pension once they reach age 66.

The following changes are due to come into effect on 1 July 2019, but are currently subject to the passage of legislation and may be changed:

  • Inactive super accounts – Any super account with a balance less than $6,000 that has not received a contribution for over 13 months may be transferred to the ATO.
  • Insurance in super – Those who have an account balance of less than $6,000 or haven’t received a contribution for more than 13 months may lose any default insurance currently attached to their super fund. In addition, anyone under 25 who joins a super fund after this date may not receive default insurance, though it can still be applied for.
  • Exemption from Superannuation Guarantee – Higher income earners with multiple employers may be able to nominate certain wages to be exempt from the Superannuation Guarantee to avoid breaching the concessional contributions cap.
  • Centrelink work bonus – The work bonus may be increased from $250 to $300 per fortnight.
  • Age Pension Means Test – The means test rules may be amended to encourage the development and take-up of lifetime retirement income products.

If you’d like any further information or assistance in preparing for these changes, the financial advisers at Intrust360° should be your first port of call. Give them a call on 1300 001 360.