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02 9683 2869

Need help? Contact us Macarthur Wealth Management for expert financial advice in Parramatta and Sydney wide. (02) 9683 2869. https://www.macarthurwealth.com.au

Extension of the Downsizer contribution
This currently allows people over the age of 65 who sell their primary residence (which they have lived in for 10 years), contribute up to $300,000 per person ($600,000 per couple) into superannuation. This contribution is not taxable and means you can get extra money into a tax-free
environment, irrespective of your age or how much you have in super. This is great for people who are downsizing or who may be moving into retirement housing. In the recent budget, the government proposed changing the age minimum age from 65 to age 60. Legislation needs to pass
before this occurs.

Increased Super Guarantee
Super guarantee goes from 9.5% this year to 10% next year.

Removing the work test
The Government will allow individuals aged 67 to 74
years (inclusive) to make or receive non-concessional
(including under the bring-forward rule) or salary sacrifice
superannuation contributions without meeting the work
test, subject to existing contribution caps.

Pension Loan scheme
The Government has announced that they will be
increasing the flexibility of the Pension Loans Scheme (PLS)
by allowing participants to access up to two lump sum
advances in any 12-month period up to a total value of 50
per cent of the maximum annual rate of the aged pension.
Based on current Age Pension rates, the total PLS is around
$12,385 per year for singles, while couples combined
could receive around $18,670. The Government will also
introduce a No Negative Equity Guarantee meaning that the
Government will not claim back more than the sale price of
the house used to guarantee the payment when it is sold.

Reduced minimums The Government is allowing minimums to stay half of the
usual minimum for Account Based Pensions. This is a great
opportunity leave funds in high performing Account Based
Pension, while drawing down on lower performing cash.

Need help? Contact us Macarthur Wealth Management for expert financial advice in Parramatta and Sydney wide. (02) 9683 2869. https://www.macarthurwealth.com.au

General Advice Warning

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Before making any decision, it is important for you to consider these matters and to seek appropriate legal, tax, and other professional advice.

Disclaimer

All statements made on this website are made in good faith and we believe they are accurate and reliable. Macarthur Wealth Management does not give any warranty as to the accuracy, reliability or completeness of information that is contained in this website, except in so far as any liability under statute cannot be excluded. Macarthur Wealth Management, its directors, employees and their representatives do not accept any liability for any error or omission on this website or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided on this website is owned by Macarthur Wealth Management. You may not alter or modify this information in any way, including the removal of this copyright notice.

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