Essential Super Tips
Here are 4 "must have" superannuation tips to keep ahead of the game after the Federal Budget 2016:
1. Review your post 1 July 2007 non-concessional contributions against the new $500,000 limeftime limit effective from 3rd May 2016
2. Take advantage of the higher concessional contributions caps which they last as the proposal is to reduce from up to $35,000 down to a flat $25,000 regardless of ages from 1 July 2017
3. Reconsider your pension arrangements past 1 July 2017 to ensure they are structured in the most tax effective manner
4. Utilise your low rate cap with a standard account-based pension to draw down tax-free amounts between the ages 55-59
All of the above legislation changes are pending both the election and being passed through the Senate but it is a timely reminder to ensure you understand your superannuation.