Australia

Details

  • Service: Tax, Superannuation & Pension Funds, Topics, Federal Budget
  • Industry: Financial Services, Superannuation
  • Type: Business and industry issue
  • Date: 10/05/2011

Federal Budget 2011 and the Superannuation industry 

On Tuesday 10 May 2011, the Commonwealth Treasurer, the Honourable Wayne Swan MP, delivered the Australian Federal Budget 2011-12.

2011 Federal Budget Brief - Superannuation
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Although few new or additional superannuation measures were announced, further change is foreshadowed with the potential introduction of two other landmark government announcements affecting superannuation, being:

 

  • the proposed gradual increase in the Superannuation Guarantee (SG) rate from 9 percent to 12 percent and
  • the reduction in the effective tax rate paid by low income earners on SG and other concessional contributions.

 

However, no Budget is complete without some changes affecting the superannuation industry and this Federal Budget added some new proposals and confirmed some earlier announcements.

 

This Briefing paper provides further details on the key superannuation aspects of the Budget announcements.

 

For more information, please contact your KPMG adviser or one of the contacts listed in the Brief.

 

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