From 1 July 2013 the superannuation guarantee rate will increase to 9.25% from 9%. This means that employers will have to increase the super contributions that they make for their employees.
The Treasurer announced several changes to superannuation today. These are of course subject Parliament passing the legislation and the outcome of the poll on 14th September.
From 1 July 2014 superannuation funds will be taxed at 15% (currently zero) on their earning from assets which support the payment of a pension over $100,000 p.a
The limit for deductible superannuation contributions will be increased (currently $25,000 p.a.) as follows:
- From 1 July 2013 for people over 60 – $35,000 p.a.
- From 1 July 2014 the $35,000 limit will be extended to people over 50.
Sickness and Accident Insurance covers your living costs if you can’t work. Usually, the premiums are tax deductible. People insure their cars and houses, but what about the thing that pays for them, their capacity to work.
From 1 July 2012 small businesses can get an immediate tax deduction for business assets which cost less than $6,500 (up from $1,000).