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Covid-19 resources
COVID-19: Early Childhood Education and Care Relief Package
Now I’m working from home, what can I claim?
Global statistics plus Covid-19 updates
ATO clarifies COVID-19 rent relief concerns
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Historic $130bn wage subsidy to cover 6 million workers
Stage 2 – Covid-19 stimulus package.
Covid-19 Update - Small Business
PM launches $17.6 billion virus stimulus plan
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Statistical picture of Australia - Update
Absentee Property Owner – Tax Whack - Victoria
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There’s still time to move to Single Touch Payroll (STP)
Real Time World Population Growth - Wow!!
ATO audits continue to target Lifestyle assets
Property deduction errors down to ‘lack of understanding’: ATO
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GST refunds for returned imported goods
14k employers, $230m in super: Financial Services Minister defends proposed SG amnesty
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Accounting profession responds to bushfire crisis
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Single Touch Payroll (STP) – now ensure super is paid on time.
Beware of Australian Taxation Office (ATO) impersonation scams
Australia by the Numbers
‘Visible, valued and owned’: ATO outlines super priorities for new year
Introductory Rates & Interest Free Periods
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Articles
Preservation Age Rules affects those born after 1 July 1960
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Access to good Budgeting and cash flow tools is important to us all.
Preservation Age Rules affects those born after 1 July 1960

 

When the current preservation legislation was established in 1999, a formula to increase the age for retirement related issues became effective on 1 July 2015.



       


The preservation age will progressively from age 55 to age 60, when it will progressively increase until it reaches age 60 on 1 July 2024.


The superannuation impacts include:-


  • accessing benefits under conditions of release that are based on perseveration age, such as retirement
  • the commencement of a transition to retirement pension, and
  • access to benefits under financial hardship provisions

The changes outside the superannuation fund itself: are-


  • the taxation of superannuation payments 
  • the taxation of employment determination payments, and
  • spouse contributions splitting

As an illustration of the new preservation age formulas, for those born between 1 July 1960 and 30 June 1961, the required age is 56 years.


 


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