While there were “no unexpected, detrimental changes” to superannuation as the government announced in the 2015-16 Federal Budget, there are still a few superannuation measures worthy of mention.
Here’s our recap of superannuation changes announced in the Federal Budget:
- The government made preserving the Age Pension over time a focus by requiring tighter testing of the Age Pension.
- The government will reset the income test deeming rate thresholds for pensions from 20 September 2017 to:
- $30,000 for singles
- $50,000 for couples
- The government will reduce the red tape for lost and unclaimed superannuation by streamlining administration from 1 July 2016.
- SMSF penalty regime units will increase from 31 July 2015 to be consistent with inflation:
- 5 penalty units: $850 increased to $900
- 10 penalty units: $1700 increased to $1800
- 20 penalty units: $3400 increased to $3600
- 60 penalty units: $10,200 increased to $10,800
- Those with a terminal illness can access their superannuation tax free earlier if two medical practitioners (specialists) certify they are likely to die within two years (previously within one year).
Read a comprehensive overview of the Federal Budget 2015-16 by visiting the official website: http://www.budget.gov.au/