I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

No New Taxes on Super but a Bumpy Ride for Retired People

On May 12, 2015, the federal treasurer Joe Hockey launched the second federal budget plan of his profession. While in 2014's budget was fire and brimstone and targeted 'leaners' (who Hockey blamed for the state of Australia's financial resources, when he was not accusing the former ALP federal government), Hockey's launch of the May 2015 Federal Budget plan's message was significantly more upbeat.

Sure, our deficit spending is still scary with Australia borrowing nearly $100 million a day, and we have lost $90 billion in tax earnings for the year. However Treasurer Hockey is buoyant, and the word buoyant describes his mood perfectly. After the debacle of the 2014's budget, which can be credited to the absence of experience, a failure to take a tactical move and probably blowing (and smoking too many stories with political pals?), Hockey believes Australia is doing rather well.

The Federal Government’s Report on Tax and Super

The federal government reports that Australia's deficit will decrease from $35.1 billion in the 2015/2016 financial year to $6.9 billion by the 2018/2019 financial year. Australia's rate of economic growth is set to enhance from the 2.5% for the 2014/2015 year to 2.75% for the 2015/2016 year than 3.25% for the 2016/2017 year.

Joe Hockey claims that in 2012's budget is focused on "growing jobs and helping small business innovate and grow." In 2014, Hockey guaranteed "to repair the spending plan and develop a strong and flourishing economy. He also asserted that Australia will be in the budget plan surplus by 2024/2025, and he supported that guarantee in this year's spending plan. He did, however, fail to deliver on much of what he guaranteed to do last year (such as enhancing Age Pension age, freezing indexation of Age Pension thresholds, changing the indexation rate for Age Pension, abolishing the Low Income Super Contribution, and not to mention GP payments, higher education changes).

The Liberal government did a present fairer treatment of excess non-concessional contributions and stopped the former ALP's government's strategy to tax some of the revenues on superannuation pension accounts.

Age Pensioners with Possessions Met Hard

The most significant policy influencing Australia's retirement plans is the change to the Age Pension possessions test. Rather than losing $1.50 for every $1,000 over the full Age Pension threshold as the existing test applies, instead, from January 2017 a retiree will lose $3.00 for each $1,000 of possessions over the full Age Pension limit (subject to legislation and the Liberals still being in power). What this implies is that instead of having the ability to own simply over $1 million in possessions (omitting the family home) and receiving a part Age Pension, the upper limit will drop to $823,000. An unanticipated consequence of this proposed policy is that those retired people with a higher level of assets will end up on lower earnings (particularly in a low-return environment) than those retirees on a full Age Pension and part Age Pension.

Learn more about this news on www.australiansuperfinder.com.au

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