TTR change biggest detrimental affect
An estimated 1.26 million people will be detrimentally affected by the proposed superannuation Budget measures, and over 4.3 million will be better off, according to the Association of Superannuation Funds of Australia (ASFA).
Pulling figures from Budget papers, the Australian Prudential and Regulation Authority (APRA), and the Australian Taxation Office (ATO), ASFA said some individuals could be impacted by more than one measure.
The transition-to-retirement (TTR) change had the largest effect on those worse off, with over 550,000 estimated to be affected.
This was followed by the $25,000 concessional contribution cap and the lower Division 293 threshold changes (up to 500,000 and many of those affected by both), and the $1.6 million transfer cap change (110,000).
However, 3.2 million individuals would be better off thanks to the low income superannuation tax offset (LISTO) measure.
This was followed by 850,000 for the tax deduction for personal contributions, and 230,000 for the catch-up concessional contributions provision.
Recommended for you
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
