Superannuation reform promises $3 billion in savings

The Fair and Sustainable Super Bill has been passed in the Senate, with Government promising it will save the budget nearly $3 billion.

Treasurer Scott Morrison says the changes are “fair and necessary” and will “future-proof” the retirement system for years to come.

According to the Australian Financial Review, the reforms could see “more than half a million people paying 30 per cent in superannuation contributions tax”.

So what impact will this have on your retirement plans?

Story features: Nerida Cole, Head of Advice at Dixon Advisory

Image: ‘Retirement’ by Tax Credits on Flickr

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