Last week, former Treasurer Mr Peter Costello warned that the Federal Government’s proposed changes to superannuation transfers – which would put a cap of $1.6 million on tax-free superannuation pension transfers – will not be as beneficial for retirees as promised.
Self-managed superannuation fund trustees backed former Treasurer Peter Costello's claims that 5 per cent returns are not readily achievable, saying that the government's proposed $1.6 million transfer limit on private pensions is too low.
The recent round of intended changes to superannuation announced with the 2016 Federal Budget was no surprise. It’s not the first time the Government has meddled with superannuation and nor will it likely be the last.
On Saturday 30 April my colleague Simon Curtain and I attended the Berkshire Hathaway Annual General Meeting (AGM) in Omaha, Nebraska, United States.
Last night the Treasurer Scott Morrison handed down a budget which he claimed was designed around growth and jobs. Among the tax reform measures were some significant announcements regarding Australia’s superannuation system.