ATO Issues Super Warning For Retirees Ahead Of June 1 Rule Change – Know When You Can Access Your Savings!
A recent wave of misinformation has prompted the Australian Taxation Office (ATO) to issue a serious warning to retirees and superannuation holders. False claims have been circulating about major changes to superannuation access rules, supposedly taking effect on June 1, 2025.
These claims have caused confusion and concern, but the ATO has confirmed that no such rule changes are happening.
If you’re planning for retirement or managing your super, it’s essential to understand what’s true and what’s not.
Here’s what you need to know about your superannuation preservation age, upcoming real changes from July 1, and how to protect your savings.
Debunking the June 1 “Rule Change”
Several online platforms have recently circulated false claims about upcoming changes to superannuation, including:
- The preservation age increasing from 60 to 70 starting June 1.
- A new rule capping lump sum withdrawals at 50% of your super balance.
These are entirely inaccurate. The preservation age remains unchanged and there is no limit on lump sum withdrawals for eligible retirees.
The preservation age — the minimum age you must reach to access your super — depends on your date of birth. There are no announced plans to increase this age beyond the already legislated rules.
Superannuation Preservation Age
Here’s a quick reference for when you can legally access your superannuation:
| Date of Birth | Preservation Age |
|---|---|
| Before 1 July 1960 | 55 |
| 1 July 1960 – 30 June 1961 | 56 |
| 1 July 1961 – 30 June 1962 | 57 |
| 1 July 1962 – 30 June 1963 | 58 |
| 1 July 1963 – 30 June 1964 | 59 |
| On or after 1 July 1964 | 60 |
Once you reach your preservation age and retire, or begin a transition-to-retirement strategy, you can access your superannuation funds — without caps or new limits.
What’s Actually Changing From July 1?
Although the June 1 rumors are false, there are real changes coming into effect on July 1, 2025. Here’s what to expect:
1. Super Guarantee Rate Increase
The Super Guarantee (SG) rate — the percentage your employer contributes to your superannuation — will increase from 11.5% to 12%. This is the final step in the previously legislated increase plan.
2. Super on Paid Parental Leave
From July 1, super will be paid on government Paid Parental Leave. This means parents will receive 12% superannuation contributions on top of their leave payments.
3. Transfer Balance Cap Rise
The transfer balance cap, which limits how much superannuation you can transfer into retirement phase accounts (like pensions), will rise from $1.9 million to $2 million.
4. Tax on High Balances
The government has proposed a new 30% tax rate (up from 15%) on earnings in the accumulation phase for super balances exceeding $3 million. This is expected to come into effect from July 1, though it is not yet law.
Stay Alert: Scams & Fake Websites
In addition to misinformation, retirees are being targeted by fake websites and scams posing as legitimate financial support sources. These sites use clickbait headlines and fabricated rule changes to attract traffic or steal personal data.
You should never:
- Provide your myGov login, TFN, or personal banking details to unverified sites.
- Trust financial news from social media posts or clickbait-style articles without verification.
- Click suspicious links that claim you’re owed “instant payments” or “urgent refunds.”
Protect yourself by relying on trusted institutions, checking updates through your super fund, and speaking with a registered financial adviser when in doubt.
The panic over a June 1 super rule change is entirely based on misinformation. The preservation age remains unchanged, and there are no new restrictions on lump sum withdrawals.
However, retirees should stay informed about real superannuation changes occurring from July 1, including higher contribution rates and proposed tax reforms on high balances.
Most importantly, avoid being misled by fake news and protect your identity by only dealing with official and verified sources.
If you’re nearing retirement or managing your super, this is the time to stay vigilant, informed, and confident in your financial decisions.
FAQs
Is the preservation age changing to 70 starting June 1, 2025?
No. There is no change to the preservation age. If you were born on or after 1 July 1964, your preservation age remains 60.
Will I be limited to withdrawing only 50% of my super in a lump sum?
Absolutely not. If you’ve met a condition of release (like retirement), you can withdraw your superannuation as a full lump sum or income stream without restriction.
What changes are happening that retirees should actually prepare for?
Real changes from July 1, 2025, include a Super Guarantee rate rise to 12%, super on Paid Parental Leave, and an increase in the transfer balance cap. A proposed tax on balances over $3 million may also come into effect.