Hot Issues
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SMSFs: Our 'hardest' jobs
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ASIC issues alert over big gaps in SMSF trustee knowledge
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Super savings gap for women stuck at 30%
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Statistics for all Australians
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Super set to play bigger retirement role
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Why SMSFs want estate-planning advice
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The power of financial role models
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Assess your retirement financial resources
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Cryptocurrency audits tipped to increase this EOFY
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Time to check your risk exposure?
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Some general interest stats on SMSFs
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Check trust deed to protect super in estate planning
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Survey reveals strong opposition to retirement system changes
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Australia by numbers – Update
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Federal Budget 2018 – Overview
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Your Budget
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4 components of our 2018 Federal Budget
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Tools to help you manage your financial position are available on our site.
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New rules capture SMSFs trading big with cryptocurrency
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Common EOFY slip-ups flagged for SMSFs
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Beware residency rules if moving overseas
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99 pct of SMSFs missing global opportunities
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How to plan for a better retirement
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Australia by numbers - Update
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Determine your retirement goals
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ATO issues update on cryptocurrency compliance traps
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How likely is a global trade war?
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Gig economy spike prompts calls for super policy changes
Article archive
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Quarter 2 April - June 2018
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Quarter 1 January - March 2018
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Quarter 4 October - December 2017
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Quarter 3 July - September 2017
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Quarter 2 April - June 2017
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Quarter 1 January - March 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
Quarter 2 of, 2016 archive
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Making investing a family affair
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Super and divorce: a personal finance issue
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Market Update - May 2016
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ASIC flags SMSF investors in scam risk
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Older, greyer and still working
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Working and contributing to super past 65
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The pitfalls of part-year pensions
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Replenishing SMSF memberships
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Budget will hit 15% of SMSFs
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The insidious side of low interest rates
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Market Update - April 2016
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Budget 2016-17
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Do investment principles stand test of time?
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Estate Planning - early inheritance
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US economy will bend, not break
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A detailed look at the ATO’s new LRBA guidance
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Defying life's blueprint
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ATO continuing lodgement crackdown
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Another twist on the gender savings gap
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Market Update – March 2016
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Going solo
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Age Pension means-test prevents rational decision-making
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Changing times for super collectables
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Preservation Age Rule
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Why investing for retirement isn't just about super
Preservation Age Rule

 

Preservation Age Rules affects those born after 1 July 1960

           

When the current preservation legislation was established in 1999, a formula to increase the age for retirement related issues became effective on 1 July 2015.

The preservation age will progressively from age 55 to age 60, when it will progressively increase until it reaches age 60 on 1 July 2024.

The superannuation impacts include:-

  • accessing benefits under conditions of release that are based on perseveration age, such as retirement
  • the commencement of a transition to retirement pension, and
  • access to benefits under financial hardship provisions

The changes outside the superannuation fund itself: are-

  • the taxation of superannuation payments 
  • the taxation of employment determination payments, and
  • spouse contributions splitting

As an illustration of the new preservation age formulas, for those born between 1 July 1960 and 30 June 1961, the required age is 56 years.


By PlannerWeb