Boost your super
Boost your super covers how much your employer must pay into your superannuation fund, how much you can contribute, the tax-free bonus the Government gives you, contribution strategies and everything you need to know about making personal superannuation contributions.
Boost your super also has special sections on Superannuation Guarantee (SG), Co-contributions and Salary Sacrifice
Below are some of our key Boost your super articles:
Set out below are all SuperGuide articles explaining Boost your super.
For the 2013/2014 year, the concessional contributions caps for over-60s has jumped to $35,000, while the concessional cap for everyone else remains at $25,000.
In July 2013, the federal government introduced a temporary concessional contributions cap of $35,000 for over-60s which has been expanded to 50-somethings from July 2014.
Q: Where do I go to find a calculator that helps me work out how much co-contribution I will be entitled to, and how much super I need to contribute to get that co-contribution?
Q: Do you need to be 60 at July 1 or could you turn 60 any time in 2013/2014 to take advantage of the new $35,000 cap?
The federal government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super fund, and who earns less than $49,488 a year (for the 2014/2015 year). The tax-free giveaway is officially called the co-contribution scheme.
Superannuation contributions can be divided into two types — concessional (before-tax) and non-concessional (after-tax). Each type of super contribution is subject to a contributions cap.
Non-concessional contributions are more popularly known as after-tax contributions. Such contributions are subject to a contributions cap, which sets a limit on the amount of after-tax contributions that you can make in one year.
The tax rates applicable for the 2014/2015 year and future years are set out in the tables below. We have also included the tax rates for the 2013/2014, 2012/2013 and 2011/2012 years (including the low-income threshold for the Medicare levy) at the end of the article, for your reference and convenience.
Double contributions tax for high-income earners
July 5, 2014Anyone earning more than $300,000 (including rental property losses and other items) now pays 30% tax on concessional contributions paid into a super fund, doubling the super tax bill for high-income earners. The regular contributions tax is a flat rate of 15%.
Super funds gain 12.6% for 11 months to May 2014
June 19, 2014The median superannuation growth fund gained 12.6% in value for the 11 months to 31 May 2014 (with super funds delivering 1.1% for the month of May).
