Super Increase Delayed

The Government has succeeded in passing legislation to repeal the Minerals Resources Rent Tax (MRRT or Mining tax).
 
As part of its negotiations to secure this repeal, changes have also been made to some of the savings measures that were related to the MRRT.
 

In particular:
  • The Superannuation Guarantee rate will now be paused at the current 9.5 per cent rate until 1 July 2021.
  • The Low Income Superannuation Contribution (LISC) will be abolished from 1 July 2017.
  • The Income Support Bonus will be abolished from 31 December 2016; and
  • The Schoolkids Bonus will be abolished from 31 December 2016. The Government will, in the interim, also apply an additional income test to the Schoolkids Bonus limiting eligibility to families with an adjusted taxable income of $100,000 or less.
As always, if you need any assistance please contact us.
 


Published : 19 Sep 2014