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Understanding the Henry tax review
The government recently released their report on the Henry tax review, and proposed future changes to the super industry.
As a result of the review, the changes proposed to super in general include:
- lifting the super guarantee (SG) rate from 9% to 12% over seven years from 2013/14 to 2019/20
- increasing the SG age limit from 70 to 75
- low income earners on a salary of less than $37,000 may receive up to $500 p.a. super contribution from the government
- the concessional contributions cap for those aged 50 and over (who have less than $500,000 in super) will be $50,000 after 2012.
We will keep you updated on how these changes in the latest news items at www.aria.gov.au.