Given all the leaks and pre budget announcements around superannuation there was not a lot of big news. Last year was all about a "budget surplus", this year it is all about " jobs and growth". Key takeouts include: The budget is in an $19.4bn deficit and a budget surplus now put on hold until … Continue reading Budget 2013 Summary – As it Happens
There has been plenty of talk recently about what changes the government may or may not make to superannuation in the upcoming budget. Pressure is mounting on Labor to be seen as "fiscally responsible" and minimise the size of the deficit. Will there be an increase to contributions tax or earnings tax? Is is only … Continue reading Over 60’s to be Taxed on their Super?
The aim was to get the budget back in the black at all cost and that was delivered. To do this some of the tax increases have been aimed squarely at higher income earners - namely: contributions tax increased from 15% to 30% for those earning over $300,000 reduced employment termination tax offset - possibly … Continue reading Federal Budget Update – Middle Income Super Savers to Suffer