2014 Budget - Retirement Planning Changes
- Indexing pensions to the CPI, rather than wages, from September 2017
- Increase to the Age Pension age to 70 by 1 July 2035
- Pausing of Pension Assets Test & Income Test eligibility thresholds for three years
- Resetting the Assets Test Deeming Rate thresholds from 20 September 2017
- Annual Seniors supplement to be abolished
- Indexation of the Commonwealth Seniors Health Card income thresholds from September 2014
- Untaxed superannuation income to be included in the income test for the Commonwealth Seniors Health Card for new recipients
- Change to the schedule for increasing the superannuation guarantee rate to 12%
- Increase in the concessional contributions cap from $25,000 to $35,000 for individuals aged 49 and over from 1 July 2014
- Increase in the concessional contributions cap from $25,000 to $30,000 for individuals aged younger than 49 from 1 July 2014
- Increase in the non-concessional contribution limit to $180,000 from 1 July 2014
- Deeming rules for account based pension income
- Defence Forces Retirement Benefits & Defence Force Retirement & Death Benefits superannuation payments indexation
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