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Superannuation Reforms Announcement

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29 / Apr / 2013

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CPA Tax News reported on the Government’s announcement of major superannuation reforms ahead of the 2013 Budget. A key change is capping the tax-free earnings on pensions and annuities to the first $100,000 of future earnings for each individual.

Other changes include a concessional contributions cap for certain ages, an allowance for excess contributions, an extension to the normal deeming rules, concessional tax treatment for deferred lifetime annuities and an increase to the balance threshold for inactive accounts to be transferred to the ATO.

Read the full announcement.

Read about the cap on tax-free pension and annuity earnings.

Image courtesy of Renjith Krishnan at FreeDigitalPhotos.net

 

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