Since I have retired I feel somewhat betrayed by the previous government , Costello had deductible super contributions of up to $100,000 , Rudd reduced it to $25,000 and the Gillard govt with great fanfare increased? it to $35,000..NO its been decreased by $65,000. Shorten and Co were going to raid super for their fiscal shortfalls like vampire wasps on the super honey pots .... Glad those incompentants are no longer in power.
The present Liberal Govt will keep the $35,00 but not restore it to $100,00...
The old age pension will be re-means tested with the emphasis on Mean... The age will be increased to 70 from 67 for some ..I would have preferred the age to remain at 65 with further means testing.
I will always find a way around this as many of us will , I can always find people smarter than politicians..I will roll with the punches.
OK..the point I am trying to make is not to fully invest in super , pollies will change the goalposts albeit the playing field.
You have the first $18,000 odd tax free in income for both partners so invest some capital outside of super and Then your tax free allocated pensions . The "latest" means testing will have allocated pensions deemed the same way as shares so the first $18,000 of income will be treated the same.
Be flexible and don't lock yourself in and don't trust them...
I can see later on down the track that taxed free contributions can be accessed when you retire but the earnings , the deductible , the salary sacrificed and employer contributions will have to be taken as a pension ...which will be means tested ala old age pension...
Be flexible and don't lock yourself in and don't trust them...
