Note: This article is updated regularly with the latest lifestyle/income data. The most recent data was released in May 2013 (for lifestyle costs as at March 2013), and includes Age Pension rates effective from March 2013 (until September 2013). Due to reader demand and the current market … [Read more...]
Note: This article is updated regularly with the latest lifestyle/income data, and latest Age Pension rates. The most recent data was released in May 2013 (for lifestyle costs up to March 2013) and includes March 2013 Age Pension rates (which apply until September 2013). Due to reader demand and the … [Read more...]
How much money do you need in retirement to live a lifestyle free of everyday money worries? For many Australians, this means a lifestyle where you can pay your bills without financial stress, you can enjoy an occasional holiday (or many!), you can maintain your car and house, and you can buy gifts … [Read more...]
In April 2013, the federal government announced that it intends to establish a Council of Superannuation Custodians. This Council will monitor a proposed Charter of Superannuation Adequacy and Sustainability, and assess future superannuation policy against this Charter. The Council will then report … [Read more...]
The federal government will be introducing a temporary concessional cap for over-60s from 1 July 2013, which will also apply to over-50s from 1 July 2014. Draft legislation has been prepared for this change. The government will be introducing an unindexed cap of $35,000 for over 60s (from 1 July … [Read more...]
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? A: For the benefit of other readers, I will first explain the background to the new over-60s cap. On 5 April 2013, the federal government announced that it will be introducing an … [Read more...]
Note: This article explains the Superannuation Guarantee rate. If you’re seeking information on other superannuation rates and thresholds see SuperGuide article Super rates and thresholds for the 2012/2013 year. In the 2013 Federal Budget papers, the planned increase in Superannuation … [Read more...]
For the 2012/2013 year, only one concessional (before-tax) contributions cap exists for all ages, and that cap is $25,000. Before July 2012, we had a concessional cap for under-50s and a concessional cap for those 50 years and over. From the 2013/2014 year, we will have a special concessional cap … [Read more...]
Note: For your convenience we have included the latest income tax rates, and the income rates for the previous financial year. Over time, this page will also include relevant tax offsets, such as the Senior Australians and Pensioners Tax Offset (SAPTO), and other tax-related information such as the … [Read more...]
The median superannuation growth fund gained 4.5% in value for the 3 months to March 2013 (and 12.9% for the first 9 months of this financial year), with shares and listed property being the stand-out asset classes, according to rating company Chant West. Australian shares rose 8% for the 3 … [Read more...]
The excess contributions tax regime has been, and continues to be a total disaster. The federal government has cared very little about the fact that conscientious super savers, who made every attempt to the follow the rules, were being hit with outrageous tax bills, savaging hard-earned retirement … [Read more...]
Q: Where can I find the spreadsheet where you can calculate how much to put in as a co-contribution, and what the government will pay you in return for that super contribution. In other words the sliding scale of co-contributions. The schedule you refer to can be found at the link here. You … [Read more...]
Q: I wondered if a SMSF pension that was started at the relief rate of 3%, would it then have to increase to the 4% once the relief period expired, or would it remain at 3% because it was started at that rate? The temporary pension payment relief (75% of the usual minimum pension payments) … [Read more...]
On 5 April 2013, federal treasurer Wayne Swan, and Minister for financial services and superannuation, Bill Shorten announced a bucket of changes to the existing super arrangements. This article is a summary of the announced changes, and you can find more detail on the proposed changes in separate … [Read more...]
Note: STOP PRESS – see related SuperGuide article 2013 Federal Election: new super changes summary (April 2013) for additional federal government superannuation announcements. SuperGuide will keep you regularly updated on the superannuation policies announced by the major political parties, … [Read more...]
