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1

Budget 2016: Superannuation shake-up to reduce high income tax breaks

Non-concessional contributions will also be subject to a lifetime cap of $500,000 from budget night, down from the current annual cap of $180,000, which will save the Government $550 million over the next four years. The two moves combined are expected to save a further $2.5 billion over the three years following their introduction on July 1 next year.
ABC
03/05
30 Points
1

Turnbull's federal budget puts paid to multimillion-dollar super balances

Mr Morrison has matched Labor on the contributions tax for high-income earners by lowering the income threshold to $250,000 at which the higher 30 per cent contributions tax is levied and, arguably, also on the generosity of tax concessions for wealthy savers.Mr Morrison has chosen a different route. With the super industry already maturing and feeling the impact of low wages growth, these latest changes might also force a rethink on the viability of some funds. .
Financial Review
03/05
35 Points
1

Money Budget 2016: Superannuation shake-up to reduce high income tax breaks

Non-concessional contributions will also be subject to a lifetime cap of $500,000 from budget night, down from the current annual cap of $180,000, which will save the Government $550 million over the next four years. The two moves combined are expected to save a further $2.5 billion over the three years following their introduction on July 1 next year.
ABC
03/05
28 Points

Budget 2016: Rich hit with $1.6 million super cap

This means workers earning less than $37,000 a year, for whom the 15 per cent contributions tax on super is not a discount but a surcharge, will continue to receive an automatic rebate worth up to $500 annually. Those with a Transition to Retirement Pension will no longer be able to withdraw big lump sums from their super, and those aged between 60 and 65 will no longer be able to draw tax-free earnings.  The government will also scrap "anti-detriment" provisions.
The Age
03/05
10 Points
1

Budget super measures target the wealthy but increase flexibility for mothers

Access to unused contributions limits will be restricted to individuals whose super accounts hold less than $500,000. The measure is far harsher than experts had envisaged, with lobbyists assuming Treasurer Scott Morrison would scale back the after-tax contributions caps from $180,000 a year to $120,000 a year, or even $50,000 a year.
Financial Review
03/05
19 Points
1

Winners and losers in the federal budget 2016

WinnersBusiness Company tax cut to 27.5 per cent for all small companies with annual turnover of up to $10m from July 1, 2016.
Financial Review
03/05
16 Points

Budget 2016: Rich hit with $1.6 million super cap

This means workers earning less than $37,000 a year, for whom the 15 per cent contributions tax on super is not a discount but a surcharge, will continue to receive an automatic rebate worth up to $500 annually. Those with a Transition to Retirement Pension will no longer be able to withdraw big lump sums from their super, and those aged between 60 and 65 will no longer be able to draw tax-free earnings.  The government will also scrap "anti-detriment" provisions.
The Age
03/05
2 Points
1

Money Don’t let government tinkering with super put you off the main game: just save more

At the moment if you are under 50 you can save up to $30,000 in your super a year, which includes the compulsory contributions from your employer.At the moment, of you are aged over 50, you can save up to $35,000.“My advice to my children is to start making extra contributions to super from your first pay,” she says.“Think about your super from your very first pay check,” Loane advises.
NewsComAu
02/05
9 Points

Super under threat in the 2016 budget

Even those on annual incomes above $200,000 are entitled to compulsory employer contributions of $20,000 annually. All self-employed taxpayers and those relying on investment income are excluded.Furthermore, many of those covered have accumulated relatively small balances from past contributions and won't be able to catch up merely by relying on future compulsory contributions. The compulsory super arrangements are flawed by not covering all taxpayers.
The Age
02/05
4 Points
1

Budget 2016: Super industry has little to fear

Allowing individuals earning between $180,000 and $250,000 a year a 34 percentage point concession on super contributions tax while forcing people who earn less than $37,000 to pay a 15 percentage point premium on super contributions is an untenable position for a government of any description. Treasurer Scott Morrison is bound to embark on some other bits of housekeeping.
Financial Review
01/05
22 Points

Money Federal budget 2016: Superannuation lobbies enflame mummy wars

This means lowering the annual cap on concessional contributions to $20,000 would also have the effect of bringing the ceiling on non-concessional contributions down from $180,000 to $120,000.The amount of non-concessional contributions an individual could put away in any one year under a special provision that allows three years' allocation to be brought forward would drop from $1.08 million per couple to $720,000.
The Age
01/05
1 Points
1

Election 2016: Scott Morrison could target after-tax super

As a result, a couple can inject in excess of $1 million into super in a single financial year.Mr Morrison has been tight-lipped about budget initiatives but has said any super changes will close loopholes and better target incentives. He is expected to announce measures that will allow people with broken careers, such as parents, to make catch-up contributions. .
Financial Review
29/04
23 Points
1

Budget 2016: What we know so far

Updated April 28, 2016 15:01:44 Election year budgets are usually full of juicy promises, but this year's will have a different flavour just weeks from a double dissolution poll being officially called.Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have gone to great lengths to warn they want the Government to "live within its means", but it also needs to be the launch pad for a marathon election campaign.That's likely to mean a distinct lack of expensive promises .
ABC
28/04
9 Points
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