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 2013 Budget - Retirement Planning Changes 
  • Increase in the concessional contributions cap from $25,000 to $35,000 for individuals aged 60 and over from 1 July 2013
  • Increase in the concessional contributions cap from $25,000 to $35,000 for individuals aged 50 and over from 1 July 2014
  • The first $100,000 of retirement phase superannuation earnings to remain tax free with any excess taxed at 15% from the 1 July 2014
  • Minimum payment amounts for account based pensions to revert to original settings
  • Deeming rules for account based pension income
  • Superannuation guarantee rate to progressively rise from 9% to 12%
  • Removal of the maximum age limit of superannuation guarantee contributions from 1 July 2013
  • Excess contributions to be taxed at marginal tax rates rather than at the highest marginal tax rate
  • Ability to withdraw excess contributions
  • Concessional tax treatment for deferred lifetime annuities equivalent to those applied to superannuation assets supporting income streams
  • Pilot program to assist age pensioners to downsize their family home
Scott Francis' articles in the Eureka Report 

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