What are the Federal Budget changes to Superannuation all about?
You will no longer have to pay tax when you get your superannuation paid out when you're over the age of 60, whether you take a lump sum or regular pension. This starts on July 1, 2007. This will save retirees a lot of money and removes the crazy system where you got taxed three times - on contributions, on earnings, on exit. Now you will only pay tax on contributions and earnings but not when you withdraw.
Not certain...but since we;re 9.5 trillion in debt...i doubt they'll do anything very positive
In addition to removing the tax on super payouts (still have to pay on contributions and whilst it's in there which is a downer), there are improvements to tax provisions for self employed. This is designed to encourage these people to put in super, whereas before many weren't making adequate provision
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