There are some important changes to superannuation regulations that will be rolled out over the next 12 months. Some of these have been expected for some time and others were announced in last month’s federal budget.
We’ll discuss the changes that will have an impact on your financial plan directly and through the normal review process to ensure that you’re taking advantage of the opportunities that are relevant to you, however as it’s difficult to keep track of all changes we’ve summarised the key issues and impacts below.
As always, please contact me with any queries or for more information.
The table provides a high level summary with more detail below:
There was a press release from the Prime Minister's office over the weekend that with everything happening at the moment hasn't received much airplay, but which has the potential to impact your superannuation pension requirements for the forthcoming financial year.
As you'll be aware regulations require that the recipients of a superannuation pension draw at least a minimum level of income each year. The minimum depends upon the age of the recipient and is calculated as a percentage of the balance of their account at the start of the financial year.
For example, a superannuation pension recipient aged between 65 and 74 is normally required to draw a minimum of 5% of their account balance each financial year.
Next Level Financial Services provides financial information in an easy to read format.