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There has been some media speculation in the lead up to the Federal Budget about potential changes to superannuation rules, including changes that might impact annual contribution caps and/or transition to retirement (TTR) strategies1.
So what does this mean for you?
While these changes are only speculative, now may be the time to consider making the most of any potential benefits available under the current rules.
This includes considering:
Whether you can salary sacrifice the optimal level into super (being mindful of the contribution cap limits) and/or a transition to retirement pension if you’re of preservation age which enables you to draw a pension from your super while you’re still working.
What are the existing rules?
Superannuation contribution caps
Definition
Concessional contributions are taxed at 15% and include contributions made through salary sacrifice arrangements or the compulsory superannuation from your employer.
Advantage under current rules
Concessional contributions are capped at $30,000 if you’re under age 50 or $35,000 if you’re 49 or over at 30 June 2015.
Definition
Non-concessional contributions or after-tax contributions are contributions to super that you make from your after tax salary and wages or your accumulated savings.
Advantage under current rules
After-tax contributions are capped at $180,000. However, if you are under age 65 you can contribute up to $540,000 in one financial year, under the bring-forward rule. This rule operates over a 3 year period and allows you to bring forward the following two financial years contributions
Transition to retirement strategy
Definition
A transition to retirement strategy (TTR) enables you to start drawing an income from your super once you reach preservation age, ranging from 55 to 60 depending on your date of birth even if you are still working full time.
Advantage under current rules
Designed to supplement your income if you drop down to part-time work while you transition to retirement
Can be used in conjunction with a salary sacrifice strategy to grow your balance
What is Green Investing
Green investing aims to support ethical, socially responsible and environmentally friendly business practices. The term “Green Investing” is often grouped together with SRI (socially responsible investing) and ESG (environment, social and governance).
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