SUPERCentral News
While re-contribution strategies are effective to re-mix the taxable and tax free portions of super benefits, these strategies rely on the member being able to re-contribute the amount which has been withdrawn from the super system.
The silence of the Government to the continuation of the 25% discount of the minimum pension drawdown amount is deafening. With less than two weeks to the end of the financial year, there has been no announcement from the Government that the 25% discount will continue.
After surviving June 30 there are changes aplenty in the superannuation arena. Here is a handy summary of nine of those changes to help keep you up to date.
It is likely that Australian Government Bonds (AGBs) will be available for trading on the ASX on 21 May 2013 (so says Minster Shorten).
The Government had announced in the 2012 Budget that an additional layer of contributions tax at 15% would be imposed on concessional contributions of individuals who are high income earners.
The proposal by the Government to increase the concessional contributions cap for taxpayers aged 50 or more has been released for public comments.
The Current Version of the SUPERCentral Governing Rules "Version 3/13" has now been registered under the Land Title Act 1994 as a "Standard Terms Document" by the Department of Natural Resources and Mines, Queensland.
From a purely SMSF perspective the 2013 Budget contained nothing of significance as the unpleasant changes had been previously announced on 5 April 2013.
Complying pensions, in the good old days, were used to achieve two significant planning objectives. The first was to minimise the adverse tax consequences of having excessive benefits - excess as measured by the reasonable benefit limits (RBLs). The other was to qualify for the age pension and Centrelink benefits as complying pensions had either a 100% (or 50%) asset test exempt status.