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Self Managed Super Fund (SMSF) Article
Super changes demand attention

By Tony Negline.

This article may be out of date.

20th May 2009

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The dust has begun to settle on the recent Federal Budget.  Overall the budget was more negative than positive for self-funded retirees and super investors.  Fortunately it wasn’t shockingly negative as some rumours had predicted it might be.

As always there are issues which impact retirees in different ways depending upon individual circumstances.  The following is 10 items which may be of interest:

Prior to budget night there were many rumours about possible nasty policy announcements.  For example it was rumoured that Transition to Retirement pensions would either be restricted or be completely removed.  Prior to Budget night many financial planning businesses had been working hard preparing advice for clients so they wouldn’t miss out on current arrangements.  It had also been rumoured that non-recourse borrowing by super funds would be eliminated.  Some had thought that the Age Pension assets test taper rate, which was reduced by the Costello Better Super changes from $3 to $1.50 per $1,000 of assets, would be increased to $1.75, $2, $2.50 or even back up to $3.

Fortunately none of these rumours saw the light of day.  Hopefully they never do.

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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.

 
 
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