Superannuation has been a hot topic since the early Federal Budget announcements in May 2016. A lot of which was said to have been proposed and not formalised.
The latest super announcement delivered by Treasury on the 23rd November 2016 somewhat provides a clearer picture to our future superannuation reform package and confirms some of the earlier proposals that are set to take effect.
The table produced by Perpetual Private below provides a nice summary of changes and there is further information in the links here:
The changes are said to improve the fairness, sustainability, flexibility and integrity of the superannuation system for all Australians. That of course depends on which way you look at it! Regardless, superannuation is still an integral tax planning vehicle for wealth creation and retirement, irrespective of whether these new reforms have a negative effect on your super fund compared to current rules.
We recommend booking a meeting with a Director of McMasters’ to discuss your personal situation. Feel free to email your client relationship manager or email@example.com to organise a time.