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Pension earnings tax scrapped

Posted on 7 November 2013

We are pleased at the government's decision to scrap the planned 15% tax on superannuation pension earnings above $100,000, agreeing with Joe Hockey that it was "undeliverable''.

Our view remains the proposed tax would have affected more clients than anticipated during years when returns were strong, and imposed a significant administration and reporting burden, the cost of which would of been passed onto retirees.

There was further good news when Joe Hockey confirmed the Coalition Government’s decision to abandon the proposed $2000 cap on self-education expenses. Another area of uncertainty for our clients over recent months.
 

Tags: News Tax

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The information on this site is of a general nature. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.

The financial planning services are provided by Medical Financial Pty Ltd trading as Medical Financial Planning (AFSL 506557)