2017 bought a raft of changes to superannuation. No surprises that the mainstream press provided mostly negative coverage, with their usual scare mongering approach.
Few people are aware however of some of the new rules listed below that may actually benefit you:
- Tax Deductible superannuation contributions. Did you know that since 1 July 2017 all individuals under the age of 75 are able to claim tax deductions for personal super contributions? (ensuring you stay within the allowable contribution caps);
- Due to an increase in income thresholds, many more couples will now be able to take advantage of the opportunity to boost their spouses superannuation account;
- As of 1 July 2018, individuals aged 65 or over will be able to make a contribution to super of up to $300,000 from the proceeds of selling their home without this counting towards any contribution caps. It must be noted that you must have held the home for the past ten or more years and it must have been your principal residence for that time
Whether you are the Trustee of your own Fund or you prefer to outsource this role to a retail or industry super fund, it’s important that you ensure your retirement funds are working for you. At BIS Cosgrove we are experts in all things superannuation and are able to assist you with managing your retirement nest egg.