2020 has been a difficult year for Australian businesses across all sectors when you consider that we started with a drought, then experienced extreme bush fires and topped it off with the COVID-19 pandemic[…]
2020 will be a year none of us forget and everybody’s attention has been on lockdown rules, number of infections and their daily movements, stock market volatility and the value of your superannuation[…]
The Government announced personal tax cuts in the Federal Budget together with a number of integrity measures. Tax cuts will phase in over 7 years and will culminate in the reduction of tax brackets from 5 to 4[…]
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.[…]
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. […]