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Recent Announcements by the Federal Government - Big Sky Financial Solutions

Recent Announcements by the Federal Government



6 February 2012

Recently, the Federal Government released its Mid-Year Economic and Fiscal Outlook (MYEFO). Generally, this would not include any significant announcements which may mipact your financial planning, however given the impact that Global events appear to be having on the Federal budget and the government's desire to honour its commitment to return the budget to surplus, this year's outlook is an exception to the rule.

On the upside:
  • The age limit for receipt of superannuation guarantee contributions will be abolished from 1st July 2013. This means that, regardless of age, any employed individual will generally be eligible for the mandated employer contributions into their superannuation fund.
  • The 25% reduction in the minimum payment from Account Based Pensions will continue throughout 2012/2013.

On the down side:

While some of these announcements are positive, the majority restrict an individual's ability to contribute to superannuation and access various tax concessions.

If you have any questions relating to your personal circumstances please contact your adviser.

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