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SuperIQ is an intuitive Self Managed Superfund System that’s designed to link all the services you may need, helping you to make the best decisions about your financial future.

Tag: Pensions

SuperIQ Budget Newsletter 2014

The Abbott Government handed down its first Budget with a number of proposed changes to superannuation, taxation and social security. Measures include the introduction of a Temporary Budget Repair Levy for high-income earners, relief from superannuation excess non-concessional contributions tax, an increase to the Age Pension age and the reduction of a number of social security and family tax benefits.  The announcements need to successfully pass through both houses of Parliament before becoming law and therefore may be subject to change going through this process.

Superannuation rates and thresholds for 2014/15

The Tax Office has announced key superannuation rates and thresholds effective 1 July 2014. The increase in thresholds will have particular impact on contributions strategies. Outlined below is a summary of those thresholds and what you need to be thinking about in relation to your superannuation planning going forward.

The Coalition Budget Reply Speech 16 May 2013 and its Plan for Superannuation

On Thursday 16 May 2013, the Coalition leader, Tony Abbott delivered his Budget reply speech which included for the first time its plan for superannuation. The Coalition had previously stated that they would not make any unexpected changes to superannuation if they were to be elected. The announcements can perhaps illustrate that the Coalition is very confident that they will win the upcoming election.

These changes are of course only policy announcements and will form part of the Coalition proposals that they have confirmed they will take to the Federal election.

What happens when a Self-Managed Superannuation Fund (SMSF) fails to meet the minimum pension requirements?

An income stream paid from an SMSF must ensure that a payment occurs at least annually and for an account based pension, a minimum amount is paid to a member each year.