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
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