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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This article may be out of date.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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