Changes to Super

Law Central’s newsletter offers a good summary of the good, the bad and the ugly of recent proposed changes to the superannuation system.

The good is the increase in concessional caps.  From 1 July 2013 taxpayers over 60 will have their concessional tax increased to $35,000, and this is extended to taxpayers over 50 from 1 July 2014.

The bad (at least for the wealthier among us) is that earnings on superannuation income streams over $100,000 will now be taxed at 15% rather than being tax free.

The ugly is that excess concessional contributions will now be taxed the same way as non-concessional contributions.

We are reminded that none of this is yet law.

Read the full article

Image compliments of Stuart Miles and freedigitalimages.net

Recent Comments

No Comment.

Awards

Our Location

MJA Business Solutions
Suite 3/24 Edgar Street,
Coffs Harbour NSW 2450

The Big Red Building
Cnr Mildura & Edgar St

PO Box 4504
Coffs Harbour Jetty NSW 2450

Make Appointment

Please fill up the form below.