In the May 2016 Federal Budget, the Government announced a number of measures to reduce some tax benefits associated with superannuation.
The removal of Anti Detriment Payments, and the work test for those between 65 and 75, will likely trigger a major refocus on Re-Contribution strategies but the Lifetime Contribution Cap will need careful management.
While maximising salary sacrifice and deductible contributions to superannuation is important, the chosen superannuation fund may now also be extremely important. There are a number of scenarios where it may be very wise to open up a new superannuation account to receive future concessional contributions.
HOT TIP: The need for financial advice has never been greater, so contact The Financial Advice Shop without delay to arrange a cost effective Financial Advice Health Check to ensure you understand all of the issues.
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