Super opportunity requires action before 30 June

We have mentioned previously about the changes announced to superannuation in the May 2006 budget. These changes are aimed at making superannuation simpler and even more tax effective. The necessary bills were introduced into Parliament in December. The most notable changes to be acted on before 30 June 2007 are as follows:

	Individuals are able to make up to $1,000,000 after-tax contributions to superannuation. This offer ceases on 30 June and should be carefully considered by anyone with substantial assets who is interested in transferring this wealth into a more tax-effective superannuation environment.
	The level of after-tax contributions will be limited from 1 July 2007. For individuals aged under 65, contributions will be limited to $450,000 over 3 years. For 65s and over a work test will apply and the limit on contributions will be $150,000 per financial year.

Careful strategic planning can maximise your benefits from these wide-ranging and complicated changes.

Published : 27 February 2007