Over 50’s should maximize their superannuation savings now – you only have a few weeks left

Super Saving Government Bill Shorten Law - Over 50’s should maximize their superannuation savings now – you only have a few weeks left

Maximise Super by 30 June 2012

Baby boomers and over 50’s have a few weeks left to maximise their superannuation savings before tighter rules kick in on July 1. Under changes announced in the recent Federal Budget, the Government has effectively halved the total amount those aged 50 and over can deposit in their super, to $25,000 a year for the next two financial years, before high marginal tax rates consume a sizeable chunk of their contributions. In 2014-15, the concessional contributions cap is expected to increase to around $55,000. “If you’ve got the capacity to up it (increase contributions up to $50,000) before the end of the year, then you should do it,” said Chris Kennedy, wealth advisory director at William Buck chartered accountants. So maximize their superannuation savings now – you only have a few weeks left.

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2 Responses to Over 50’s should maximize their superannuation savings now – you only have a few weeks left

  1. I think almost every over 50 I know is depositing as much as they can before 1 July! I heard the government was hoping to raise over a billion dollars for the economy though, which is no bad thing.

    • Thank You Frank – it is puzzling that the goverment can’t support the ageing population, but it restricts people helping support themselves – I suppose they are trying to balance the reduced tax with the projects they have to fund – i would not want their job!

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