If you’ve heard anyone talking about superannuation recently, it’s probably been in relation to a new tax that will soon be applied to some of the wealthiest accounts in the country.

The change to how balances of $3 million or more are taxed is one of several adjustments to the superannuation system that will come into effect on July 1, but at the same time, there’s a raft of misinformation spreading about some that are no more than pure fiction.

This is what you need to know about the changes, both real and fake.

What about changes to preservation and withdrawal rules?

This, to put it bluntly, is utter garbage.

There have been reports of people asking financial experts about major impending changes to superannuation such as withdrawal limits and raising the preservation age (the age that you can start withdrawing from your super account) from 60 to 70.

These changes are a scam – they’re completely fake, and just not happening.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.