{"id":17814,"date":"2022-03-15T16:24:28","date_gmt":"2022-03-15T05:24:28","guid":{"rendered":"https:\/\/adviceco.com.au\/?p=17814"},"modified":"2023-05-04T10:18:39","modified_gmt":"2023-05-04T00:18:39","slug":"legislation-changes-to-super-benefits-individuals-aged-60-and-first-home-buyers","status":"publish","type":"post","link":"https:\/\/adviceco.com.au\/legislation-changes-to-super-benefits-individuals-aged-60-and-first-home-buyers\/","title":{"rendered":"Legislation changes to super \u2013 benefits individuals aged 60+ and First Home Buyers"},"content":{"rendered":"\n
Proposals from the 2021 Federal Budget in relation to superannuation have now passed legislation and will come into effect on 1 July 2022. Benefits include savings opportunities and tax reduction measures especially for people aged 60+ and first home buyers.<\/p>\n\n\n\n
Removal of the work test and the extension of the bring-forward rule will provide recontribution (that is a contribution to super of money already released to you from super) and tax opportunities to super members.<\/p>\n\n\n\n
This benefit is significant for First Home Buyers. If voluntary confessional contributions (CCs) are made, this may reduce income tax in the year that the contribution is made, which effectively increases the amount that could be saved for a home deposit. Actual earnings within the fund are taxed at the concessional rate of up to 15%, compared to the marginal tax rate which could be up to 47%.<\/p>\n\n\n\n
If you think you are eligible for these benefits, we recommend that you seek advice prior to July 1 so that you can build your strategy and ultimately maximise your savings and reduce your tax. To speak to our Financial Services team and to make a compiemntary initial Discovery meeting, please email mail@adviceco.com.au<\/a><\/p>\n\n\n\n AdviceCo, ABN 85 136 858 190, is an Authorised Representative of Count Financial Ltd ABN 19 001 974 625 AFSL No. 227232 which is 85% owned by CountPlus Limited ABN 111 26 990 832 (CountPlus) of Level 1, 1 Chifley Square, Sydney 2000 NSW and 15% owned by Count Member Firm Pty Ltd ACN 633 983 490 of Level 8, 1 Chifley Square, Sydney 2000 NSW. CountPlus is listed on the Australian Stock Exchange. Count Member Firm Pty Ltd is owned by Count Member Firm DT Pty Ltd ACN 633 956 073 which holds the assets under a discretionary trust for certain beneficiaries including potentially some corporate authorised representatives of Count Financial Ltd. The information on this web page is not advice and is intended to provide general information only. It does not take into account your individual needs, objectives or personal circumstances<\/sub><\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Proposals from the 2021 Federal Budget in relation to superannuation have now passed legislation and will come into effect on 1 July 2022. Benefits include savings opportunities and tax reduction measures especially for people aged 60+ and first home buyers. Benefits to people aged 60+: Individuals aged between 67 and 75 will no longer be…<\/p>\n","protected":false},"author":1586,"featured_media":17815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,42],"tags":[234,44,43,46],"yoast_head":"\n