Superannuation Legislation Amendments

Onto superannuation, the assistant treasurer and minister for superannuation Bill Shorten has introduced legislation to raise the Super guarantee contribution form 9% to 12% on an incremental basis from July 1 2013.

The amendments also increase the Super guarantee age from 70 to 75 commencing 1 July 2013.

These changes were introduced with a number of bills which have not yet passed through the house; they are contingent on the Mineral resources rent tax being passed and are an attempt by the government to see all Australians less reliant on the government in retirement and a move towards retiring with at least 70% of income post their working life.

On this point, Superannuation funds differ significantly from one fund to another. If you would like to review your superannuation planning, don’t hesitate to call the office. We can help you better understand your eligibility to contributions and discuss strategies that maximise the preferential treatment available under the superannuation rules.

Discussion points may include:

  • Transition to retirement benefits (for Age+)
  • Co contribution government incentives
  • Low income contribution incentives
  • Tax free retirement income strategies
  • Consolidating your super into one fund
  • Salary sacrificing additional super
  • How a self managed super fund works
  • Understanding the benefits of various fund types

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