There a number of changes to superannuation on the horizon. From 1 July 2012:
2012-13 concessional contributions cap changes from $50,000 to $25,000 for individuals aged 50 and over to align with the contributions cap of everyone else. The government has deferred the higher concessional contributions cap of $50,000 for individuals aged 50 and over with superannuation balances of less than $500,000 from July 1, 2012 to July 1, 2014.
Increase in tax within the super fund for high-income earners from 15% to 30% on concessional contributions which are deductible to the individual. This measure applies to individuals with an assessable income of more than $300,000 a year.
One-off escape clause for excess contributions that gives individuals the option to have excess concessional contributions of up to $10,000 refunded and assessed at their marginal tax rate.
Co-contribution changes where the maximum co-contribution has been reduced from $1,000 to $500 and the income threshold at which a co-contribution is not available has decreased from $61,920 to $46,920.
Low-income superannuation contribution rebate of the 15% tax paid for $500 worth of contributions for people earning up to $37,000.
Transitional employment termination payments rules that allow them to be paid directly into superannuation are to end.
Consult our office on 1300 35 22 35 to find out more about these changes.
The new financial year brings many changes. For an overview of changes ahead for business, individuals and families and superannuation, download our PDF information sheet titled, Changes from July 1, 2012.
[sociallocker]Download Link: Changes from July 1, 2012[/sociallocker]