Superannuation
• A re-contribution strategy may produce tax benefits for taxpayers under age 60.• Low-income earners (including self-employed persons) should consider making a personal superannuation contribution to qualify for the government superannuation co-contribution payment.
• The concessional contributions cap for the 2009/10 has been reduced to $25,000 or $50,000 if over 50 years of age.
• For the 2009/10 income year, pensioners have the option to draw half of the year’s minimum required pension amount.
• From 1 July 2009, a person’s ‘reportable superannuation contributions’ is included in their ‘adjusted income’ when determining their eligibility for various tax offsets and social security benefits, such as the, the pensioner tax offset, senior Australians tax offset, and the spouse superannuation tax offset.
• From the 2009/10 income year, a spouse also includes a same sex partner where they live together on a genuine domestic basis in a relationship as a couple, or a partner (whether of the opposite or same sex) where the relationship is registered under a State or Territory law.