On 2 May, the Government released the Henry Tax  Review report along with its recommendations. As well as replying to the Review’s recommendations , the Government announced the following superannuation reforms:

  • The SG rate will gradually increase to 12% (this was not in the Henry Review recommendations):
Year 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20
% Rate 9.25 9.50 10.00 10.50 11.00 11.50 12.00
  • The introduction of a government contribution of up to $500 for workers with adjusted taxable incomes up to $37,000. The $500 will not be indexed and is separate from the Government co-contribution scheme.
  • The concessional contribution cap will be increased to $50,000 (indexed) from 1 July 2012 for those aged 50 or over with total superannuation balances of less than $500,000.

We will let you know when the reforms become law.

John

John Hackett
Member Services Manager

Live Chat Support Software

Phone 1800 805 088 (Free call)
Email:
avsinfo@avsuper.com.au