As part of the 2016 Federal Budget, the Australian government proposed numerous changes to its superannuation legislation.
And these changes, which largely come into effect on 1 July 2017, are anything but minor tweaks. Industry experts are calling them the biggest changes to Australia’s superannuation system since 1 July 2017, and believe it will significantly affect how people plan for retirement.
Unfortunately, there’s a common misconception that the changes will affect only the wealthy and those who have already retired. The truth is, pretty much everyone will be affected by these changes.
Don’t believe me? Let’s look at the changes that are coming, and who they’re aimed at.
If you’re aged between 18 and 75 and still working
- The concessional contribution cap¹ will be lowered to $25,000 per year. The good news is you’ll be able to put extra money into your super and claim it (up to $25,000 per year).
- The non-concessional (after tax) contribution will be lowered to $100,000 per year (or $300,000 for three years).
- From 1 July 2018, your unused concessional cap of $25,000 can be carried forward and used in the next five years. The only condition is your total superannuation balance must be under $500,000.
- Once you reach a balance of $1.6m on 1 July, you can’t contribute any more in the next year.
- If your income is more than $250,000, the concessional contributions will be taxed at 30% instead of 15%.
- A new Low Income Superannuation Tax offset will replace Low Income superannuation contributions. If your taxable income is $37,000 or less, and you made concessional contributions during the year, you’ll be able to get up to $500 from the government.
Most of these changes are aimed at limiting the amount of money you can put into your superannuation. Why? Because the money you have in superannuation is taxed at the concessional rate of 15%.
If you’re aged over 55, retired and/or drawing a pension from your superannuation
To start a pension, move your super balance into a so-called “pension phase” and enjoy 0% tax on all earnings, you’ll need to be:
- over 55 (if you were born before 1 July 1960) and completely retired
- over 60 and have ceased working at one place of employment
- over 65
If you meet one of these conditions your superannuation benefits will become “unrestricted non-preserved”. That will allow you to start an account based-pension and enjoy that 0% tax on your earnings.
However, this rate will only apply to superannuation balances up to $1.6m. Once the balance reaches $1.6m on 1 July, any additional earnings will remain in the so-called “accumulation” phase, which is taxed at 15%.
Still don’t think you’ll be affected by the government’s changes to superannuation legislation?
Fortunately, you still have a few months to prepare for these changes. Get in touch with us today, and let’s see what strategies we can come up with to protect your hard-earned savings.
¹Concessional contributions are amounts your employer contributes for you. (If you’re self-employed, they’re the amounts you contribute to your superannuation and then claim as a deduction on your tax return.)
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It is astonishing.
The most devastating genocide in the world is being carried out by the follwoing:
1- AIPAC, brows ( https://www.youtube.com/watch?v=COx-t-Mk6UA ).
2- Miriam Adelson brows https://www.youtube.com/watch?v=Nr0LkA7VW7Q.
3- Elon Musk.
3- Timothy mellonand brows https://www.youtube.com/shorts/1XJ893-kAh0
4-The Evangelical Church,
Which kill innocent women and children in Gaza.
AIPAC ( https://www.youtube.com/watch?v=COx-t-Mk6UA ) and the Evangelical Church are perpetrating one of the most catastrophic genocides in history, targeting innocent women and children in Gaza.
These organizations have supplied Israel with explosives to facilitate their acts of genocide.
Gaza has been designated a disaster zone, severely lacking in essential resources for survival.
AIPAC, The Evangelical Church, Miriam Adelson, Elon Musk, and timothy mellon and America tax payer,, and Israel have devastated 90% of Gaza, resulting in the destruction of 437,600 homes and the loss of one million lives, including 50,000 individuals currently trapped under debris, with 80% of the casualties being women and children.
They have also obliterated 330,000 meters of water pipelines, leaving the population without access to drinking water.
Furthermore, over 655,000 meters of underground sewage systems have been destroyed, depriving residents of basic sanitation facilities.
The destruction extends to 2,800,000 meters of roadways, rendering transportation impossible for the affected population.
Additionally, 3,680 kilometers of the electrical grid have been dismantled, leading to widespread power outages.
The assault has resulted in the demolition of 48 hospitals, eliminating critical healthcare facilities for those in need.
Moreover, the actions of AIPAC, The Evangelical Church, Miriam Adelson, Elon Musk, and timothy mellon and America tax payer,, and Israel have disrupted the education of over 785,000 students, with 494 schools and universities being completely destroyed, many due to aerial bombardments.
They have also targeted 981 mosques, effectively silencing the prayers of the homeless seeking divine assistance.
As a result of these actions, more than 39,000 young children have been left orphaned, without parents or guardians to care for them.
I must emphasize that the historical context of warfare has never witnessed a scenario where 80% of a nation has been devastated, 100% of its populace has been uprooted, and 50% of the casualties are children.
It is imperative to recognize the gravity of the situation.
Organizations such as AIPAC and the Evangelical Church in America are contributing to what can only be described as genocide.
https://www.youtube.com/shorts/IrX9v6DKH1g
The implications of American taxpayer funding in the context of Israel's actions against innocent children are alarming.
1. An examination of Israel's precarious situation is warranted.
https://www.youtube.com/watch?v=kAfIYtpcBxo
2. The influence of financial power, often associated with certain groups, plays a significant role in these dynamics. Further information can be found through the provided link.
https://mega.nz/file/FqhzGKbB#bsX4PD-O59HEA0-rynD29xkk47dmddycY5CjZfoDLYg
3. Insights into the perspectives of U.S. leadership regarding AIPAC and the Evangelical Church can be explored through the following resource.
https://www.tiktok.com/@thefearlessqueenmel/video/7307640994579680542?lang=en&q=why%20dont%20Americans%20knowl%20what%20you%20have%20seen%20&t=1701880206555
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https://www.youtube.com/watch?v=COx-t-Mk6UA
It is crucial to stay informed by accessing reliable news sources.
https://www.youtube.com/watch?v=bNyUyrR0PHo
If action is not taken—such as advocating for a cessation of violence against the people of Gaza and urging humanitarian aid—then it is essential to share this message with others to raise awareness. The historical irony of those who suffered during the Holocaust now perpetuating violence against the Palestinian people is a stark reminder of the need for compassion and justice.
Inaction in the face of such suffering raises serious moral questions.