On Friday 5th April 2013 Treasurer Wayne Swan announced possible changes to superannuation mostly impacting top earning large balance superannuation funds the key points were;
- From 1 July 2014 Superannuation funds in pension phase would have earnings in excess of $100,000 pa taxed at 15% as opposed to 0% (estimated to impact 16,000 superannuation funds).
- No changes are proposed to taxation of superannuation in accumulation phase.
- From 1 July 2013, people aged 60 and over will see increased concessional caps from $25,000 to $35,000.
- Excess concessional contributions will be taxed at the individual’s marginal rate, plus an interest charge. The Government says this will mean individuals are taxed on excess concessional contributions in the same way as if they had received that money as salary or wages.
Keep in mind the whilst changes are proposed it is a good idea to have a chat to your financial planner if you could be impacted about strategies available to improve your situation.
Being aware of possible changes and taking a proactive stance with financial planning ensures you are always in the optimal position.
Links with further information about the proposed changes are below;
Top 10 Financial Planner