A number of key superannuation changes were announced in last night’s Federal Budget, making this a very significant Budget for superannuation.
New measures will see low income earners continue to receive an important tax offset, while those earning over $250,000 will pay an additional 15% tax on their super contributions, bringing their tax on super contributions to 30%.
These measures have different starting dates, some are effective immediately, others next year and some retrospectively.
Below is a summary of the key changes.
If you are retired or approaching retirement, we recommend that you contact us to seek advice in relation to these changes. Please contact us on (02) 9046 1920 to arrange an appointment.
Low income tax offset retained
A tax offset that providers a super savings boost of up to $500 a year for those earning up to $37,000 has been retained. The Low Income Superannuation Tax Offset will replace the existing Low Income Superannuation Contribution (LISC) from 1 July 2017. The LISC was previously scheduled to expire on 30 June 2017.
There are significant changes to superannuation in this budget, the full 2016/17 Budget is available on the Government’s website http://www.budget.gov.au/
If you would like further information on how this budget may impact you, we recommend that you seek professional advice. EISS Financial Planning can provide you with advice over the phone, at our offices or at a location near you. To find out more or to book an appointment, please call (02) 9046 1920 or email [email protected]
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