logo
spacer
spacer

 eWombat Search 
>
spacer spacer spacer
Latest Accounting News
Hot Issues
Federal Budget 2019 - Overview
How the 2019 Federal Budget affects you
FBT Reminder – Odometer Reading
‘Big awareness push’ underway as STP deadline approaches
GST collection on overseas goods at 300% of forecasts
The problem with getting to 53 years of age.
Lost Beneficiaries
New quarterly STP reporting method for closely held payees revealed
Some Australian figures to help on Budget night.
Employers hit with rolling SG audits as ATO toughens stance
Resources to help understand and implement Single Touch Payroll (STP)
Big fines, prison on the cards as new SG penalties introduced
Extra website resources and tools is one way we offer you and your family more.
FBT Exemption for Various Work Vehicles
Tax payable on expenditure recoupments
ATO identifies SMSF contravention red flags
Who wins dispute about taxable income?
Australia - facts & figures March 2019
Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Correcting GST Errors
Fuel tax credit rates raised
ATO set to contact clients for overdue TPAR
Reminder on Victoria Property Duties
How Australia is performing.
Global outlook summary: Down but not out
Bookkeepers remind on incoming TPRS obligations
Golden Rules for Deductions
Articles archive
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 1 of 2016
Articles
Preservation Age Rules affects those born after 1 July 1960
SBEs 'to save millions
Ransomware - BEWARE!
No Change to Super Fund Borrowing Rules (yet)
Property to remain at top of ATO’s hit list
Turnbull stands firm amid SG freeze speculation
Tax breaks, education and access to advice key to successful transition to retirement
Dying Without a Will
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.


 


AcctWeb


 


 




29th-March-2016