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Issue 10, December 2006
Super Concepts e-SuperUpdate provides you with technical tips and updates on Self Managed Superannuation Fund topics of interest.
Super Changes are Now in Parliament
The legislation to give effect to the simplification of superannuation changes announced in this year’s Budget was introduced into parliament on 7 December 2006. It has a little way to go before it becomes law which we expect will occur early next year, probably during the Autumn sittings in February or March 2007.
Future editions of e-SuperUpdate will keep you up to date in relation to super simplification once it has been legislated.
The main features of the legislation, most of which commences on 1 July 2007 are:
- Tax free lump sums and pensions from taxed funds for those 60 and older;
- Abolition of the Reasonable Benefits Limits;
- Full tax deductions for superannuation contributions made by employers and unsupported persons, including self-employed, if they meet the rules;
- Extension of the co-contribution system to self-employed people;
- Capping of after tax contributions from 10 May 2006;
- Greater flexibility in how and when superannuation is taken in retirement;
Super Concepts office will be closed from Friday 22nd December 2006 until Tuesday 2nd January 2007 and we would like to take this opportunity to wish all our readers the best for the festive season and we trust that 2007 is a prosperous year for you.
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A must read for anyone wanting a plain English guide to self managed superannuation.
