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Account Based Pension

Special Market Update 13th May 2009 – Federal Budget Update

JTB Studios
Private Client Adviser
13 May 2009

Superannuation Contribution Limits Halved

Concessional superannuation contribution limits will be halved from 1 July 2009. Individuals under 50 years of age will see their contribution limit of $50,000 reduced to $25,000, whilst the transitional limit of $100,000 for those over 50 years of age will be reduced to $50,000 and will cut out from 1 July 2012.

The Transition to retirement pension strategy remains in tact whereby individuals salary sacrifice an increased level of pre tax salary to superannuation and supplement it with an account based pension, although its effectiveness has been diminished with the lowering of allowable deductible contributions to superannuation.

The Government has chosen not to alter the $150,000 per annum non-concessional contribution caps for 2009-2010. In the future the cap will be calculated as six times the level of indexed concessional contributions cap.

Account Based Pension

Temporary Withdrawal Reductions Extended: The minimum account based pension withdrawal requirements were halved in 2008/2009 and this measure has been extended for the 2009/2010 financial year.

Download article Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.