Paul Rickard has summarised the changes to superannuation and other budget changes that will hit mature Australians:

• The Super Guarantee levy has been pushed back by one year. It will increase to 9.5% on 1/7/14, and then be frozen until 1/7/18. Previously, the levy reached 12% by 1/7/19 under Labor, 1/7/21 under the Coalition promise, now 1/7/22.
• Excess non-concessional contributions – excess contributions tax eliminated (positive)- now refunded, any earnings taxed at marginal rate.
• Increase in caps (positive) – concessional $30,000, non-concessional $180,000.
• Australian Defence Force Super – new recruits from 1/7/16 end of defined benefit).

Other changes

• The Mature Age Tax Offset abolished from 1/7/14 (previously restricted).
• Dependent Spouse Tax Offset abolished from 1/7/14 (previously restricted).

Pension changes

• The pension age will rise to 70 by 2035.
• Indexation by CPI (rather than average male OTE) from September 2017.
• Indexation of asset test/income test thresholds frozen for three years from 2017.
• Deeming rates (for income test) reset to $30,000/$50,000 from 2017 (currently $46,600/$77,400).

Commonwealth Seniors health card

• Superannuation balances are to be counted in the income test (presumably at the deeming rate) – which makes it harder for non-pensioners to qualify (income limits currently $50.000/$80,000).
• No Seniors supplement – abolished from 1/7/14 ($876.20 for single, $1,320.80 couple).