July 1 is fast approaching. Are you ready for the new super changes?
Overview of changes…
- Reduction of concessional (pre-tax) contributions cap to $25,000 per annum
- Lowering the non-concessional (post-tax) contributions cap to $100,000 per annum
- Low income super tax offset
- Spouse tax offset
- Personal super contributions deduction
- Introducing a transfer balance cap of $1.6M for pension phase accounts
- Carry-forward concessional contributions of unused caps over five years
- Reduction of Division 293 income threshold to $250,000
- Removal of anti-detriment payment
- Innovative retirement income stream products
Take the weight off your mind and start planning asap so that all necessary actions are in place well before July. For further information, see ‘Related Links’ below, or contact Adam Passwell via email or (02) 4455 5333.