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Super changes for over 50’s

New superannuation laws announced in the 2012 Federal Budget will effect high income earners who are over 50 years old. 

From 1 July 2012 individuals with income exceeding $300,000 will have the tax concession on their contributions reduced from 30% to 15% .This means that taxpayers may face an increase in tax of up to $3,750, which may cause some Baby Boomers to rethink their retirement plans.  To further complicate matters, increased contributions may now lead to cap breaches.For further information contact us to discuss how these changes may effect your super.