Budget – mostly a yawn, with some benefits for downsizing

Co-founder of the Switzer Report
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For once, the Budget left superannuation unchanged and reconfirmed all the previous announcements. Here is a rundown of the changes coming up, plus two other budget announcements that may affect some readers (the abolition of the net medical expenses tax offset, and a pilot program to help senior Australians downsize from the family home).

Contribution caps

Legislation is currently before the Parliament to increases the concessional contributions cap to $35,000 for people aged 60 or over for the next financial year (2013/14), and for people aged 50 or over, from 2014/15. The expected concessional contributions caps are now as follows:

There is no change to the non-concessional contributions cap of $150,000 in 2013/14.

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