Sydney: With the start of the new financial year, Australia’s largest Catholic superannuation fund, the Catholic Superannuation and Retirement Fund (CSRF) is urging Australians to review their superannuation and retirement plans to make sure they are up-to-date with the tax changes which have come into effect.
“The most recent Federal Budget made a number of announcements concerning superannuation and tax rules, which people need to take note of,” said Greg Cantor, Chief Executive Officer at CSRF.
“Perhaps the most important budget announcement affecting super for eligible contributors was that concessional contribution caps will be significantly reduced in the New Financial Year,” said Mr Cantor. “The concessional caps will be especially relevant to those in transition to retirement arrangements, salary sacrificing heavily on super, or those who make deductible contributions.”
Mr Cantor offers the following tips to ensure you’re prepared for the changes:
1. Discover how the changes affect you – Identifying how the new rules affect you is the first step to making sure you’re getting the most out of superannuation. CSRF has published an article outlining the changes (click here to view); alternatively you can find all the information you need on the Federal Government’s Budget website www.budget.gov.au.
2. Review your plans – If the new rules do affect your situation, you may find you need to modify the accumulation strategies you have in place to maximise the contributions you’re making your superannuation savings.
3. Speak to an expert – Ensure you are making the most of the changes to superannuation by seeking expert advice. CSRF has an established financial planning service that is on a fee-for-service basis with no commissions or trails being paid to any party. CSRF is open to any Australian eligible for superannuation and this also applies to the financial planning services available.
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