Understanding the Henry tax review

The government recently released their report on the Henry tax review, and proposed future changes to the super industry.

As a result of the review, the changes proposed to super in general include:

  • lifting the super guarantee (SG) rate from 9% to 12% over seven years from 2013/14 to 2019/20
  • increasing the SG age limit from 70 to 75
  • low income earners on a salary of less than $37,000 may receive up to $500 p.a. super contribution from the government
  • the concessional contributions cap for those aged 50 and over (who have less than $500,000 in super) will be $50,000 after 2012.

We will keep you updated on how these changes affect the CSS in the latest news items at www.css.gov.au.

Click here for more information on the Henry tax review.