The Australian Government has introduced the biggest reform to superannuation ever. From 1 July 2007, the Better Super changes will give Australians the opportunity to improve their lifestyle in retirement. The reforms will ensure:
* If you are over 60 you will pay no tax on your super payout if you are in a taxed super fund (that's most workers).
* Most self-employed people will be able to claim all their super contributions as a tax deduction.
* If you are over 60 and want to work part-time you will be able to take part of your super as regular income - tax-free - and use it to top up your take-home pay.
* It will be easier to combine multiple super accounts into one fund.
The Better Super changes will increase retirement incomes, simplify the taxation of super, give more flexibility and choice in how super can be accessed and improve incentives to work and save.
You may be starting work or you may have been working for some time. You may work for someone else or you may be self-employed. Your retirement may be just around the corner or thirty years away. Whatever your circumstances, the new changes make super an even better investment for your future.
To ensure you get maximum benefit from the Better Super changes, you need to check that your employer has provided your tax file number to your super fund. It helps you keep track of your money and makes sure you pay the lowest rate of tax on contributions.
Click on the links on the left to learn more about how you can benefit from the biggest reform to superannuation ever. You can also watch and listen to the Better Super television and radio advertisements.