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Featured article - Federal Budget 2009
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13 May 2009
The second of the Rudd Government’s Federal Budgets has delivered fewer changes to superannuation than has been speculated in the media for the last few months.
The big changes for superannuation funds and their members are the:
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temporary reduction in the Government superannuation co-contribution match, and
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reduction of the concessional contribution caps, particularly aimed at limiting large salary sacrifice contributions to superannuation.
The proposals the Government has put forward in the Budget 2009 include:
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Reducing both the co-contribution match and the limit of concessional (including superannuation guarantee, other employer and salary sacrifice) contributions
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The continuation of the 50% drawdown relief for minimum income stream payments
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Changes to the payment of lost super accounts as unclaimed monies
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The introduction of portable Trans-Tasman retirement savings
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Increasing the qualifying age for the Age Pension from 65 to 67
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Making changes to the income test with much steeper phase out rates
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Removing the Pension Bonus Scheme and introducing a Work Bonus.
The other news is that there are no changes to the personal income tax rates announced in the 2008/2009 Budget, but the Medicare Levy Surcharge is to increase from 1 July 2010.
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