The 2016/17 Federal Budget was released last week and it proposed a lot of changes to superannuation. We've broken these changes down so you can can know if, how, and when your savings might be affected.
Recent opinion pieces don't hold back the vitriol that last week's budget papers weren't great news for renewables (with subsidies pledged to fossil fuels), and with climate change and social issues such as childcare and healthcare reform, ignored completely.
But commentators are also saying the proposed changes to superannuation are a fairly good step in the right direction to encourage equality, support women, and help remove some of the current super and tax rules that tend to favour very high-income earners.
What about super?
It's important to be informed when it comes to your super – after all, you want to make the most of your hard-earned cash, maximising your long-term investment as best you can. For example, you might not know that on average, women have 45% less super savings than men, so there's certainly a need for women to be further engaged in the proposed budget changes so they're aware of how they can best plan for retirement.
Knowing more about the current and proposed rules might even help you know what you need to do pre-tax time – which is not far away again this year!
The new changes are likely to affect everyone, but particularly:
- Low-income earners
- Parents (particularly new mothers)
- Pensioners and part-time pensioners
- High-income earners
All the information we've pulled together is available in our easy-to-read guide, 10 Important Changes to Super in the 2016/17 Budget.
This information can be complex so we encourage you to seek financial advice, and speak to a professional who will take into account your own financial situation and needs.
Want to talk to a person? We’re in the office Monday to Friday 8am - 8pm AEST. Call 1300 134 337, or email: firstname.lastname@example.org