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Wardle Partners

Latest Super Changes

A number of changes are being made to superannuation from 1 July 2017 that will impact how people can maximise their super and take advantage of the tax concessions available. These changes will impact:

  • The concessional contribution cap
  • Changes to the limit (cap) and eligibility for making non-concessional contributions
  • Salary sacrifice arrangements
  • Tax deductibility for personal contributions
  • High income additional contributions tax (Division 293 tax)
  • The ability to carry forward any unused concessional contribution cap
  • The amount someone can have invested in the pension phase of superannuation, will be limited to $1.6 million

The good news is that for most Australians, superannuation remains the best wealth accumulation structure from a tax perspective. On top of the income tax benefits available for contributions, superannuation in the accumulation phase pays maximum tax of 15% on investment income and no tax when a super fund is paying a retirement pension to its members - from 1 July 2017, where the pension account balance is less than $1.6m.

Given the changes, it may be worthwhile maximising contributions prior to 1 July 2017, as well as ensuring the best arrangements are in place for future years.

For more information about these changes please view the following fact sheets:

 

Speak with our advisers today to find out how these changes might affect you - 07 5492 0350!

 

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Compass Financial Solutions ABN 51 109 740 409 is a Corporate Authorised Representative 278272 (CAR) of Professional Investment Services Pty Ltd,
ABN 11 074 608 558 | AFS Licence Number 234951 and provides financial planning services through its Sub Authorised Representatives.