MALCOLM TURNBULL’S “PRECONDITIONS”
1. “We are not going to raise more tax overall.”
2. “Any changes are going to be rigorously fair.”
3. “They’ve got to drive jobs and growth.”
How will they rein in the budget deficit then? Expenditure is the other side of the equation - possibly starting with using the private sector to administer Medicare, Aged Care, and/or the Pharmaceutical Benefits Scheme.
BEWARE OF THE ILLEGAL SCHEMES TO GET EARLY ACCESS
These usually involve transferring your balance from your existing super fund to a self-managed super fund (SMSF).
SMSF’s are of course totally legal but the promoters of the early access schemes will tell you that you can then access your super to pay off credit card debt, buy a house or car, even go on holiday.
Beware - these schemes are illegal, usually involve high fees and commissions, and may expose you to further fraud and identity theft.
SO WHEN IS YOUR PRESERVATION AGE?
For most of us it is either 55 or 60.
If you were born before 1 July 1960, your preservation age is 55.
If you were born after 1 July 1964, your preservation age is 60.
Between 1960 and 1964 the age steps up year by year (see the table below)