FEDERAL BUDGET AND FINANCIAL STRATEGIES
May 6, 2016 Posted by CB Financial

- increased contribution flexibility
- new lifetime non-concessional contributions cap
- reduced concessional contributions cap
- change to the taxation of transition to retirement income streams
- $1.6 million cap on the amount that can be transferred into a tax-free retirement income stream.
- increased income threshold where the 37% tax rate starts to apply for individuals
- removal of the anti-detriment provisions for superannuation death benefit payments
- a reduction in the company tax rate for small businesses earning below $10m
- removal of barriers to innovation in retirement income stream products.
A more detailed review of the budget is available HERE.
To enquire about how the announcements may affect you, or to book an appointment for a review, please contact us on 07 3223 6000.
