25 August 2016
Our first Technically Speaking article on the 2016 Federal Budget rightly focused on the two most controversial proposals contained in the Budget papers being the lifetime non-concessional contribution limit of $500,000 and the pension account cap of $1.6 million.
Both of these measures have been the focus of much discussion and debate as to their merits or otherwise.
Unfortunately, they have overshadowed a number of very good and long awaited changes to superannuation tax laws which will benefit many taxpayers who are genuinely trying to adequately save to fund their retirement.
These changes include the abolition of the current work test for members between age 65 and 74, dropping the 10% test requirement when claiming a personal tax deduction for concessional contributions, and catch-up concessional contributions opportunities for specific taxpayers.