Sent: 08-05-2012 11:02:03
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A Super Killing Budget
With everyone's thoughts primarily focused on tonight's Federal Budget, there's not much to talk about from the legislative technical perspective.
In my weekly column for the Switzer Super Report (www.switzersuperreport.com.au) I did detail what I think might be on the chopping block tonight.
In a nut shell I think there might be as many as nine changes:
- Government Co-Contribution - finally removed
- Delay the introduction of the Super Guarantee increases
- Introduce a super surcharge - this has already been pre-announced
- Increase the taper rate of Centrelink's Age Pension Assets Test from $1.50 to $1.75 and then later to $2.00
- Re-introduce tax on super benefits for those aged at least 60
- Postpone (or perhaps cancel) the 50 years of age, $50,000 concessional contribution cap threshold if you've got less than $500,000 of super assets for at least two years
- Reduce the maximum concessional contribution cap for those aged at least 50 to $25,000 per annum
- Reduce the non-concessional contribution threshold to $75,000 per annum or $225,000 for three years in advance for several years
- Stop super gearing
We'll know soon enough how right my predictions are. I hope none of the above occur.
The Government seems to have begun using the trick first implemented by Bob Carr - namely announce policy changes today which don't commence for 3 or 4 years and then adjust, amend, alter and, if necessary, cancel that announced policy change many times during the intervening periods. It's amazing they think we're all so stupid. Funny they've only started using this policy since Bob returned to politics.
Version 6.0 of my SMSF book is now available.
You can see all the changes that have been made between Version 5.1 and 6.0 (the latest edition).
You can look at the contents page at the following link: http://www.atcbiz.com.au/r.php?r=0mjd6ne
For details of the changes made from version 5 to version 6 visit: http://www.atcbiz.com.au/r.php?r=d5xcpch
As you'll see from the list there have been many changes.
Two purchase options are available - once only subscription - $55 inc GST - or an annual subscription will gives you access to all the updates made throughout the year ($120 inc GST). The book can be purchased at the following link: http://www.atcbiz.com.au/r.php?r=5a4agqb
This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.