PROPOSED new superannuation legislation expected to take effect on July 1 will involve changes to retirement incomes and superannuation contributions.
Personnel considering retirement or electing to receive a retention bonus or benefit will need to be aware of the proposed changes.
The Government has introduced new superannuation Bills aimed at simplifying and streamlining superannuation.
Some of the changes include:
- abolishing reasonable benefit limits;
- new caps for pre- and post-tax contributions (including salary sacrificing); and
- new tax rules for retirement benefits.
It is a good idea to seek financial advice on the planned changes, especially for soldiers whose personal financial situation is expected to change after July 1.
More information is available from www.simplersuper.treasury.gov.au or www.fido.gov.au.
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