Superannuation Changes

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.

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