The Federal Budget made dramatic changes to the superannuation rules. The overall effect will be to make super even more attractive than it already is. It is now more important for working people to take advantage of the opportunities available before June 30. The biggest change is that super payouts will be tax free for those over sixty years from July 2007 on. This includes both lump sum withdrawals and retirement income streams. Already income streams are quite tax sheltered with the earnings within the pension fund tax free. Part of the payments to the retiree are also usually tax free, the balance is taxable but with a 15 per cent tax credit attached. Now all the income will be […]
