Andrew Williams Posted May 13, 2014 Report Share Posted May 13, 2014 Overnight, the Federal Government handed down its annual budget. It contained the following key points related to retirement planning: further increasing Age Pension age to 70 by 1 July 2035 indexing pensions to CPI, rather than wages, from 1 September 2017 resetting deeming thresholds to $30,000 for singles and $50,000 for couples from 20 September 2017 freezing Income and Assets Test thresholds for Government pensions including Age and Service Pensions from 1 July 2017 including untaxed superannuation income in the Income Test for the Commonwealth Seniors Health Card for new recipients from 1 January 2015. Other significant financial planning-related items were: introducing a 2% Temporary Budget Repair Levy on incomes over $180,000 for three years from 2014-2015 maintaining SG contributions at 9.5% for three years from 1 July 2014 allowing individuals to withdraw contributions in excess of the non-concessional contributions cap from 1 July 2014 tightening the eligibility for Family Tax benefits. Other items were: Abolition of Mature Age Worker Tax Offset Abolition of Dependent Spouse Tax Offset Increasing the Medicare levy low-income threshold for families Seniors Supplement abolished Disability Support Pension changes regarding recipients time spent out of Australia First Home Saver Accounts to be abolished Higher Education Loan Program (HELP) reduction to income threshold Quote Link to comment Share on other sites More sharing options...
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