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Legislation Update
There have been some recent changes announced to super
The Federal Government has recently announced some changes which may have an impact on your super investment. Here is a brief summary of the changes and how they may affect your super.
Changes to the new low income superannuation contribution
This proposal was first announced earlier in the year. From 1 July 2012, it allows people earning up to $37,000 to effectively pay no tax on their compulsory super guarantee (SG) contributions, as the Government will refund the 15% contributions tax to those who are eligible.
What does this mean for you?
If you have a taxable income of $37,000 or less, you will pay no tax on your super guarantee contributions as the Government will refund the 15% tax which you normally pay.
Reduction in the Government’s Co-contribution
When the new low income superannuation contribution tax rebate begins from 1 July 2012, the super co-contribution will be reduced.
The maximum amount claimable for the super co-contribution will be halved from the current $1,000 to $500. Only people with an income of up to $31,920 will be eligible to receive the maximum amount.
The matching rate (that is the amount that the government puts in for each $1.00 you put in) will also be reduced. The government currently matches contributions dollar for dollar, but this will be halved to 50 cents for each $1.00 of after-tax contributions. It then progressively reduces for incomes over $31,920 up to a maximum of $46,920 (currently $61,920), after which it phases out completely.
What does this mean for you?
You will still be eligible for the co-contribution if you earn less than $61,920 and make an after-tax super contribution this financial year.
However from 1 July 2012, with the reduced matching rate and the lowering of the upper income threshold, fewer employees will be eligible for the co-contribution, and there will be less incentive for low and middle income earners to make after-tax super contributions.
But if you earn less than $37,000, this reduction will be at least partially offset by the introduction of the new low income superannuation contribution tax rebate.
Changes to the concessional contribution caps
The concessional or before-tax contribution caps are currently $25,000 per annum for people under the age of 50 and $50,000 per annum for people aged 50 years and over. However, the Government is considering reducing this cap to $25,000 for people over age 50 and with $500,000 or more in super.
The Government has announced a pause in the indexation of these caps, which means they will not be indexed to inflation for the 2013/14 financial year. So these caps will effectively remain the same for a much longer period.
What does this mean for you?
The Government has not adjusted the concessional contribution caps since it halved them in 2009. However, you may have received annual salary increases during this time, meaning your SG contributions may also have increased.
If you sacrifice some of your salary into your super, you need to make sure that you are not running the risk of exceeding your contribution cap.
Removal of age limit on super guarantee contributions
Currently employees over the age of 70 are not entitled to super guarantee contributions from their employer, but the government has announced that from 1 July 2013, all eligible employees 70 years of age and over will receive these contributions.
What does this mean for you?
If you are a mature-age employee, this change will provide you with more incentive to stay in the workforce and allows you to keep contributing to your super up until you decide to retire.
Extension of the drawdown relief on account-based pensions
In recent years, the Government reduced the minimum pension payment requirements to help self-funded retirees who suffered a drop in the value of their investment due to the global financial crisis.
Due to the continuing volatility in global financial markets, the Government has now announced that it will extend the 25% reduction in minimum payments for the 2012/2013 financial year.
What does this mean for you?
If you have an account-based pension, this means you take advantage of the reduction for another year to conserve the capital in your pension account and make your retirement savings last longer. |
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参加活动 我和怪味鸡丁的往事（煮夫手记十九） (2011-4-13) amon54 
发表于 2011-12-26 13:55
，37000以上Super要交15%税，自己税后放钱进去，政府给的钱也少了
一方面雇主开销增加，一方面，政府可以不发pension还有税赚~~~看来政府真的囊中羞涩了
