Government announces Super changes
Hunt Professional Group
Taxation Services, Retirement, Tax Consultants
The Minister for Financial Services and Superannuation, the Hon Bill Shorten MP, and the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP, announced the Government’s proposed changes to the superannuation laws. The Government have aimed the changes at creating what they believe will be a more equitable and sustainable retirement income system.
The following is a summary of the announced changes to superannuation.
1. Changes to the tax exemption for earnings on superannuation assets supporting income streams
2. Increasing the concessional caps for certain superannuation members
3. Reform of the Excess Contribution Tax treatment of excess concessional contributions
4. Council of Superannuation Custodians
5. Extending normal deeming rules to superannuation account based income streams
6. Extending concessional tax treatment to deferred lifetime annuities
7. Changes to the arrangements for lost superannuation
How can we help?
If you would like some assistance with identifying how these recent changes are likely to affect your own superannuation, please feel free to give us a call to arrange a time to meet so that we can discuss the potential impact on your particular circumstances. We can then determine whether you need to make any changes to your existing arrangements.
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