30/04/2014 – Last week Treasurer Joe Hockey flagged changes to the superannuation tax concessions and an increase in the preservation age from 65 to 70 years of age however Tony Abbott has come out this week to confirm that nothing will occur in this term of parliament.
What this means for Australian expats approaching retirement age is that the current preservation age of 65 still stands with respect to being able to access your superannuation and convert your superannuation account into a allocated pension. The fact that it has been flagged means that the government has both the superannuation and aged pension schemes firmly in their sights and that it is only a matter of time before changes are made.
With the Federal Budget being announced on the 13th of May and changes being announced that may affect superannuation in the future it is always a good time to review your superannuation to not only ensure that your superannuation is correctly structured and invested but positioned to provide you with the best possible outcomes in the future.
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