FPA works to smooth Better Super

Jo-Anne Bloch

The FinancialPlanningAssociation (FPA) is offering its members and other stakeholders assistance with the implementation of the Federal Government’s Better Super regime.

“We will continue to assist members with the new requirements to ensure there is a smooth transition, according to chief executive Jo-Anne Bloch, welcoming the launch of the new regime.

“It’s important that consumers are able to derive the maximum benefit from these new laws by seeking advice from a financial planner,” Bloch said.

“Any retirees in any doubt about the changes should contact a planner by going to http://www.goodadvice.com.au and using the ‘Find A Planner’ tool”.

She explained that retirees will no longer be required to lodge tax returns for the tax year 2007-08 and beyond, as a result of the introduction of the regime from July 1 this year.

Since exit taxes on superannuation have been removed for taxpayers over 60, those individuals will not need to include lump sum superannuation benefits and superannuation pensions in their tax return.

Subsequently, self-funded retirees who live off a pension and derive taxable income from other sources, less than the tax-free threshold, will not be required to pay any tax or provide a return to the Australian Taxation Office at the end of the financial year, she said.