Remember ME - You Me and Dementia
November 18, 2005
AUSTRALIA: Huge Tax Break for Elders 55 and Over
SYDNEY (Sydney Morning Herald), November 18, 2005:
Baby boomers aged 55 years and over will be able to sacrifice 100 per cent of their salary into their superannuation fund and gain windfall tax benefits under a tax minimisation scheme allowed by the departing tax commissioner‚ Michael Carmody.
They will be legally able to continue working and draw a retirement benefit equal to their salary if they have enough in their super fund.
Taxpayers had previously been able to sacrifice their salaries into superannuation but it was uncertain whether this meant they could sacrifice all of their salary.
The move will particularly benefit people on higher salaries who have more than $1 million in their superannuation accounts.
Hugh Elvy‚ the manager of superannuation at the Institute of Chartered Accountants‚ said the scheme was fantastic. "For those who are over 55 years it is a great opportunity to reduce tax and rebuild superannuation.
(The Sydney Morning Herald)
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