Bill Shorten has this morning announced Labor's Superannuation changes. The measures include: - Introduction of council of superannuation custodians to assess future changes - Changes are prospective not retrospective - Tax free of earnings in the fund remain up to $100,000 pa - future earnings above $100k from 1 July 2014 will be taxed at … Continue reading Shorten announces Superannuation Changes
Despite the Government recently passing legislation to increase the superannuation guarantee from 9% to 12% by 2019, many Australians are still likely to have inadequate savings when they reach retirement. While the increase in the superannuation guarantee will certainly help address the issue of superannuation adequacy, it will be of most benefit to those people … Continue reading What Type of Retirement Will You Have?
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