2013 Budget - Possible Financial Planning Strategies
- Those in the workforce who will be 60 or older from 1 July 2013 should consider strategies to increase the level of concessional contributions being paid into superannuation up to the new $35,000 limit.
- Those in the workforce who will be 50 or older from 1 July 2014 should consider strategies to increase the level of concessional contributions being paid into superannuation up to the new $35,000 limit.
- Those who are or are likely to generate more than $100,000 of income (including realised capital gains) within a superannuation income stream account should start to consider possible course of action to minimise the impact of this proposed change.
- Restoration of pension payment requirements back to higher minimum withdrawals rates may require a re-assessment of the continued use of a transition to retirement pension.
- Restoration of pension payment requirements back to higher minimums withdrawal rates may require an assessment of where to invest any pension payments that are more than required.
- Those who are looking to add more to an account based pension or switch provider may want to plan for this to occur before 1 January 2015 due to the changes to means testing deeming rules.
- Those who are making the maximum allowable concessional contributions into super should consider the implications of receiving 9.5% standard employer super contributions from 1 July 2013 and adjust salary sacrifice levels accordingly.
- Salary sacrifice strategies to be re-assessed under the new Medicare Levy arrangement from 1 July 2014.
- Those turning 70 to consider the benefits of the continued superannuation guarantee contributions.
- Those looking to incur work related self education costs may look to bring forward that decision so that more of the expense falls before 1 July 2014.
- Those with a HELP debt may want to consider a voluntary repayment before 1 January 2014 in order to receive a 5% discount.
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