The new financial year has begun, and with it, as with every financial year, comes a host of tax changes that will affect your super. Whether your fund is in the accumulation phase or the pension phase, the changes mean you might need to tweak your investment strategy. Here are some of the key things you should know about:
Contribution Caps: Most contribution caps are unchanged this financial year, with the key concessional contribution cap remaining at $25,000. However, if you're over the age of 50, you'll be able to access a higher concessional contribution limit of $50,000 at any stage during this financial year.
A new system, which hasn’t been fully designed, will be introduced from July 2012 onwards. This new system allows investors aged at least 50 with less than $500,000 of super assets to have an increased concessional contribution cap of $50,000. All other super investors will have a cap of $25,000.