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2011 -12 Budget Briefing

2011 -12 Budget Briefing. Superannuation Refund of excess concessional contributions. One off Max $10,000 concessional From July 1, 2011 Issues Doesn’t address previous concessional contributions Errors not picked up for years (ATO way behind)

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2011 -12 Budget Briefing

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  1. 2011 -12 Budget Briefing Superannuation • Refund of excess concessional contributions. • One off • Max $10,000 concessional • From July 1, 2011 Issues • Doesn’t address previous concessional contributions • Errors not picked up for years (ATO way behind) • Fails to address impact on large non-concessional contributions • Minimum payment draw down relief extended in 2011/12. • Extension of reduced amounts for 2011/12 at 75%, rather than 50% currently available. • Back to normal levels from 01/07/2012. Issues • Review with your adviser, we can easily adjust levels for you.

  2. Example Jackie, age 60 has an Account Based Pension to the value of $400,000 and has elected to take the minimum pension draw down. Required draw down 2010/11 = $8,000 (50%) 2011/12 = $12,000 (75%) 2012/13 = $16,000 (Regular)

  3. Concessional contributions cap • Continuation of $50,000 concessional cap for those over 50 from 2012, iftheir account is less than $500,000. Issues • How and when will the $500,000 be counted? • Will pensions, withdrawals etc be added back? • This has got “Stuff Up” written all over it! • Those still working with balances close to $500,000 could consider various strategies to stay under the $500,000 level and therefore potentially extend their ability to heavily salary sacrifice. • Review with your adviser

  4. 2011 Budget Briefing Taxation • Limitation of the ability of minors (children under age 18) to access the low income tax offset (LITO) from 1 July 2011. • Tax rates unchanged however a temporary flood and reconstruction levy introduced from 1 July 2011 for individuals earning more than $50,000. • Car Fringe Benefits Tax – Current valuation factors using the statutory method will be replaced by a single valuation factor of 20% by 1 April 2014.

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  12. FFA Service • 10 Actively managed portfolios • Monitored monthly • Portfolios updated as necessary • Client portfolio updates implemented immediately • Record of advice provided • Plus all usual services – Client functions, Seminars, Monthly Newsletters

  13. Questions?? Please also take this opportunity to complete the feedback forms.

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