Now is as good a time as any to review your current financial situation and put a plan in place for the next 12 months. Sorting out your finances doesn’t have to be complicated, as even small savings can add up over the year.
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People aged 65 or over may be eligible to make additional super contributions of up to $300,000 per person from the proceeds of the sale of their home from 1 July 2018. These are known as ‘downsizer contributions’ and they can be made on top of the existing contribution caps, without having to meet certain contribution rules and restrictions.
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Federal Budget was relatively quiet on superannuation this year. Not surprising given that we have just been through the most comprehensive reforms since 2007. However, there were a few items to be aware of and which may offer some planning opportunities[…]
The Government announced measures in the Federal Budget that are aimed at assisting age pension recipients to increase their fortnightly income without affecting their pensions and to encourage retirees to consider the use of lifetime retirement income products.[…]
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Essentially the Assets test “taper-rate” will increase from $1.50 per $1,000 to $3 per $1,000 of excess assets over the initial threshold. This means the reduction in the maximum Age Pension due to excess assets will increase. While the initial thresholds are increasing, the increased taper-rate will lower the cut-off levels for the Age Pension. So, while some pensioners may gain an increase in payments many others (as much as 91,300) may find that the no longer receive any Age Pension because of the changes. […]
Since the Budget night we have been in a holding pattern waiting to see if the proposed changes would become a reality. After considerable debate and deliberation the Government has now appeared to have finalised its grand plan for superannuation moving forward. As a consequence of yesterday’s announcement we felt that it would be worthwhile summarising the changes and provide some commentary on what it means to you. […]