A positive coming out of the proposed super changes
Treasurer Scott Morrison’s release last week of the first tranche of new super legislation has been welcomed by the industry, but it digs an even bigger hole in the Budget.
Morrison unveiled the nicest bits of his 2016 Budget super package, including tax savings for low-income workers and new rules that allow anybody aged under 75 to make personal tax-deductible contributions.
SMSF Association CEO Andrea Slattery says the new legislation should go “some way” to instilling confidence back into the system.
“These measures will give superannuation greater certainty and flexibility, particularly for women and those who have had broken work patterns or variable incomes during their working lives,” she says.
If you have any questions on how the proposed super changes will affect you please free to contact;
Cayle Petritsch
SMSF Specialist Advisor
T: 02 9984 7774
E: caylep@nac.com.au
Martin van der Saag
Director
T: 02 9984 7774
E: martinv@nac.com.au
“The proposed super changes include tax savings for low-income workers and greater flexibility for contributions over the age of 75.”
About the author
Marius Fourie - Director & Business Advisor
As Director and Business Advisor, Marius uses his accounting expertise and empathetic skills to work directly with business owners and help them feel at ease with their finances.
Marius saw a common need in clients that just wasn’t being met by accounting providers.
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Business owners just don’t have time to compare different accounting firms to see which one has the best packages with the best inclusions (many of which they would pay for but never use).
Key Takeaways
Some Proposed Changes Are Built Around Flexibility
Reforms include allowing individuals under 75 to make personal tax-deductible contributions, broadening contribution options.
Low-Income Workers May Benefit
Tax savings were proposed to help reduce the burden on lower earners, improving retirement outcomes.
Reforms Could Support Those With Interrupted Careers
Greater flexibility is especially helpful for women and others whose work history includes breaks or variable income.
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Frequently Asked Questions
What is the context of the proposed super changes?
The article discusses proposed superannuation reforms released as part of the 2016 Federal Budget and accompanying legislation.
What positive measures were included in the proposals?
Proposals highlighted were tax savings for low-income workers and expanded rules allowing people under 75 to make tax-deductible personal super contributions.
Who benefits from the increased flexibility in contribution rules?
Individuals with variable or broken work patterns, such as women who have taken career breaks, are expected to benefit.
Did the industry respond positively to the proposed changes?
Yes. Representatives from the SMSF industry welcomed the reforms as steps toward greater confidence and flexibility in super.
Should individuals take immediate action based on these proposals?
While the article highlights potential positives, proposed changes need to be legislated and understood in the context of individual circumstances before acting.
Are there any benefits in this for low-income workers?
Yes. The proposed package includes tax savings for low-income workers, which was one of the more widely welcomed parts of the reforms.
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