Superannuation reforms

Although unlikely to be legislated before the Federal Election on 14 September, the Government’s plan to make the retirement income system stronger, fairer and more secure features prominently in this Budget.

It is worth noting that the maximum age limit on the Superannuation Guarantee (SG) will be abolished from 1 July 2013, so workers over 70 can continue to boost their fund balance.

The higher concessional cap for those over 60 also applies from 1 July 2015, meaning you can contribute up to $35,000 at the concessional tax rate.

Read more about the super reforms.

Written by Debbie McTaggart