Snapshot of Super Changes

Constant changes are being made to your Superannuation.... On 5 September 2006 Treasurer Peter Costello announced further changes providing even more incentive for people to boost their super savings.

From 1 July 2007
* Super benefits to be tax-free for people aged over 60 years
* Reasonable Benefit Limits abolished
* Simpler tax treatment for super benefits received before age 60
* Lump sum benefits taxed more concessionally
* Super more attractive for self-employed

From 1 September 2007
* Assets Test for Age Pension benefits will be more generous
* The 50% Assets Test exemptin will be removed for new 'complying' income streams.

What's New?
* New transitional limit on undeducted contributions of up to $1 million
* Revised deductible contribution limits
* Refined undeducted contribution limits
* New transitional rule for employer ETP's
* Invalidity benefits extended to the self-employed
* New rules for quoting of Tax File Numbers
* New pre and post component changes
* New rules for death benefits paid to dependents
* Commutation of complying income streams will not be permitted.

** It is always recommended to speak with your financial adviser to make the most of your Super.... Who knows what the next changes will be or when they will occur.. Hopefully making it a much simpler system to understand. ==> Federal Budget Info