Many superannuation changes are scheduled to take effect July 1, 2017. Consequently only a short amount of time remains to strategically prepare personal finances. The four top areas to consider include higher salary reductions allowed now, the implementation of a transfer balance cap, a significant reduction in non-concessional contribution limits and the change of pension funds no longer being tax exempt. Each of these items will likely have a significant impact on retirement and should be reviewed in a timely fashion.
Key Takeaways:
- Exploit the open door for higher concessional constrains by actualizing pay relinquish procedures or contributing extra deductable super commitments.
- While people are thinking about the effect of superannuation changes, now is a decent time to check home arrangements, ensuring that Wills and Power of Attorney are avant-garde.
- A year ago’s Federal Budget represented probably the most noteworthy changes to superannuation in the previous ten years and implies that people and guides have various matters.
“Pensions will no longer be considered tax exempt from 1 July 2017”
Read more: https://insidesmallbusiness.com.au/planning-management/superannuation-top-five-for-1-july-2017
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