Super tax concessions are changing
But are they fair?
As we reported last week, there will be a change to how super is taxed for with balances of more than $3 million. The proposed legislation will be scheduled to commence on 1 July 2025.
James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement.
He lives in regional Victoria surrounded by dogs and chooks.
How super combines with the Age Pension
Super is a hot topic right now, with everyone seemingly having an opinion on what is the ideal amount to live on in retirement – and how to encourage this in an equitable way.
While most of us are unable to influence the financial policy makers, our best tactic is to ensure we are using all the rules and concessions to our own best advantage.
Age Pension increases March 2023
You may recall last December we predicted that Age Pensioners would receive an increase of $27 for singles and $20 (each) for couples. Rising inflation means that we were a little modest in those predictions, which means that those on the full or part Age Pension now stand to gain more. Including supplements, singles on a full Age Pension will receive an additional $37.50 per fortnight and couples an additional $28.20 per fortnight each.