Self-Managed Super: still relevant post Budget?
The Government’s 2014-15 Budget announcements shook up much of the Australian economic landscape. Surprisingly – yet pleasingly – superannuation appears to have escaped without any major changes. In fact, some of the announcements enhance the universal appeal of superannuation as a vehicle for greater control over your financial future, such as:
- Excess Non-Concessional Contributions (NCCs) – The government is proposing to allow any excess Non-Concessional Contributions and associated earnings made from 1 July 2013 be withdrawn by individuals to avoid tax penalties.
- Superannuation Guarantee (SG) rate – The compulsory SG rate will now increase from 9.25% to 9.5% from 1 July 2014.
So if you are one of the many considering establishing an SMSF, sound advice from a qualified adviser will give you better control where needed and help you navigate complex issues like borrowing in super, tax and estate planning.
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With greater financial freedom comes greater responsibility – particularly for SMSF trustees facing regulatory obligations. To find out if an SMSF is right for you, book in for a free financial health check.