Super arrangements announced for imminent retirees
Treasurer Peter Costello announced the superannuation transitional arrangements affecting imminent retirees. The proposed $150,000 annual limit on taxed contributions to super will be averaged over three years and people can bring forward their contributions for the next two years, meaning up to $450,000 can be placed in super before the end of this month. Alternatively, individuals can place $150,000 in their scheme now and another $450,000 over the next financial year. The limit does not include the capital gains tax exempt portion of the sale of a small business, giving small business owners the chance to put another $500,000 into their super.