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is proposing to allow any excess Non-Concessional Contributions and associated earnings made from 1 July 2013 be withdrawn by individuals to avoid tax penalties.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.
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.
General advice disclaimer: This article has been prepared by FMD Financial and is intended to be a general overview of the subject matter. The information in this article is not intended to be comprehensive and should not be relied upon as such. In preparing this article we have not taken into account the individual objectives or circumstances of any person. Legal, financial and other professional advice should be sought prior to applying the information contained on this article to particular circumstances. FMD Financial, its officers and employees will not be liable for any loss or damage sustained by any person acting in reliance on the information contained on this article. FMD Group Pty Ltd ABN 99 103 115 591 trading as FMD Financial is a Corporate Authorised Representative of FMD Advisory Services Pty Ltd AFSL 232977. The FMD advisers are Authorised Representatives of FMD Advisory Services Pty Ltd AFSL 232977.