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.
• For the 2010/11 income year, pensioners have the option to draw half of the year’s minimum required pension amount.
• The reduction in the concessional contributions cap to $25,000 ($50,000 for those aged 50-74) since 1 July 2009 means that more individuals are now at risk of inadvertently breaching their annual contribution cap. A review of various arrangements involving superannuation (eg salary sacrifice) would be prudent.

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