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Government’s super and tax plans changes 2013-2014

Government’s super and tax plans reforms.

The Coalition Government has re-iterated its position on a range of previously announced super and tax issues, as part of the Mid-Year Economic and Fiscal Outlook (MYEFO).

Key take-outs of interest include:

 •     The next increase in the superannuation guarantee rate to 9.5% will be deferred for two years.
 •     The low income super contribution, income support bonus and schoolkids bonus will be repealed.
 •     The 2015 personal tax cuts will not proceed.
 •     Benefits from the Government’s paid parental leave scheme with generally be paid by the Department of Human Services, not the person’s employer.
 •     Deeming will be extended to certain income streams from 1 January 2015.
 •     The tax of 15% on earnings exceeding $100,000 pa from assets held by a member in a superannuation pension will not proceed.
 •     Further tax concessions will not be extended to deferred lifetime annuities.

 

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