Archive for category: Superannuation
News
Government’s proposed changes to the taxation of super
The Government has announced that they intend to change to tax concessions on certain superannuation accounts if you have a total super balance of more than $3 million. While it is important to understand that this is just a proposal at this time, we understand that you may have some questions about whether this proposal could apply to you.
... read moreUpsize your retirement savings with downsizer contributions
The downsizer superannuation contribution provides an opportunity for eligible people aged 55 and over to sell their home and make a contribution to superannuation from the proceeds.
... read moreLegislation passes reducing downsizer eligibility age to 55
Legislation reducing the eligibility age to make a downsizer super contribution from 60 to 55 has passed and awaits Royal Assent. The commencement date is 1 January 2023 if Royal Assent is received prior to this date, otherwise it is likely to be 1 April. We will update you when the commencement date is confirmed.
Super Changes from 1 July 2022
Changes to super contribution rules from 1 July may create a great opportunity to revisit your savings and super contribution strategies. The changes may create new or enhanced options to build your savings.
... read more11 Tax Facts about Superannuation
Compared to other investment structures, super is widely considered to be one of the most tax-effective investment structures available from a wealth accumulation and cash flow generation perspective. Although not a comprehensive list, below are 11 of the top tax facts about super.
... read moreDo you have more than one super account?
Did you know there is over 101 million Australians with a superannuation account, approximately 36% of which hold more super accounts, which make up $20.82 billion in ‘lost super’. Is some of that yours?
... read moreTaking the mystery out of the jargon
When it comes to super, all too often it can seem to be in another language. But when you understand the language, everything starts to make a lot more sense. To help, we explain some commonly used superannuation jargon.
... read moreSalary sacrificing - not such a sacrifice
A global survey of people's attitudes to retirement savings shows while Australians expect to spend, on average, 23 years in retirement, their money will run out after only just 10 years. This gap in retirement savings, affectionately called ‘the retirement gap’ is a growing concern and more and more Australians are looking for ways to boost their super savings.
... read moreATO diversification probe may cause audit headaches
Some SMSF trustees with annual returns due in October may need to re-audit their accounts for the last financial year, following a warning from the ATO that funds which are highly concentrated in one asset must present a compliant investment strategy to their auditor or risk penalties of over $4,000.
... read moreUncovering the mystery of tax on super
The rules regarding super and tax are complex and, for many, the tax paid when putting money into super, its earnings while invested, and when benefits are finally paid can be a mystery. We take a look at how superannuation is taxed.
... read moreSpotlight on SMSFs
Australians who want greater control of how their retirement savings are invested are increasingly exploring the option of setting up their own self-managed super fund (SMSF). The freedom of putting yourself in the driver’s seat for your super has made SMSFs the fastest growing sector of the super industry.
... read more