Wins and losses in super rule changes
One door closes, another opens, even when it comes to superannuation. While the May budget will almost certainly tighten the rules again – and neither side of politics has ruled out more changes down the track – some have been loosened.
The penalty for exceeding the $25,000 salary sacrifice cap is being waived for first offenders within an over-payment of $10,000, while selffunded retirees who accidentally under-pay their super pension have been given a leeway of 8.3 per cent by the Australian Taxation Office [but it must "not exceed one-twelfth of the minimum pension" in its words] before penalties apply.
But if the rules are going to change for the worse, what should you be doing?
Read the full article: Wins and losses in super rule changes (AFR subscription required)