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Accounting News

Preservation Age Rules affects those born after 1 July 1960

  When the current preservation legislation was established in 1999, a formula to increase the age for retirement related issues became effective on 1 July 2015.

 

The preservation age will progressively from age 55 to age 60, when it will progressively increase until it reaches age 60 on 1 July 2024.

The superannuation impacts include:-

  • accessing benefits under conditions of release that are based on perseveration age, such as retirement
  • the commencement of a transition to retirement pension, and
  • access to benefits under financial hardship provisions

The changes outside the superannuation fund itself: are-

  • the taxation of superannuation payments 
  • the taxation of employment determination payments, and
  • spouse contributions splitting

As an illustration of the new preservation age formulas, for those born between 1 July 1960 and 30 June 1961, the required age is 56 years.

 

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