Coalition scrap Labour Government Superannuation and Tax proposals

Coalition scrap Labour Government Superannuation and Tax proposals

On Wednesday 6 November 2013, the Treasurer, the Hon Joe Hockey MP, and the Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, announced the Government’s decision to abandon some of the previous Government’s tax and superannuation proposals.  The following will be consigned to the rubbish dump:.

  • imposing a cap on deductions for work related self-education expenses
  • amendments to the fringe benefits tax treatment of car fringe benefits
  • imposing a tax on investment earnings above $100,000 per annum for superannuation assets supporting retirement income streams
  • Repealing the Low Income Superannuation Contribution (LISC).  The LISC was a government contribution to people earning under $37,000 per year that ensured that they would not pay more tax on their compulsory superannuation contributions than they do on their income.  This contribution will no longer be available from the 2013-14 income year and onwards.

If you think that any of these changes may apply to you and wish to seek further clarification, please give me a call to discuss further.

About Reuben Zelwer

 

Reuben Zelwer established Adapt Wealth Management in 2011 to help time poor clients achieve financial freedom. For over 15 years, Reuben has helped professionals, executives, business owner and those approaching retirement make the most of their circumstances by making good financial decisions. Reuben’s professional practice is complemented by substantial voluntary work, which has included setting up financial literacy and savings programs in the local community.

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