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Investment performance: Super funds gain 0.3% for August 2016

The median superannuation growth fund gained 0.3% in value for the month of August 2016, delivering 3.0% for the first 2 months of the 2016/2017 financial year, according to rating company, Chant West.For the month of August 2016, Australian shares lost 1.6% in value. Over the same period, … [Read more...]

Super health check for beginners: 10 tips for your 2016/2017 retirement planning

Note: This article is current for the 2016/2017 financial year.Near the start of each financial year, SuperGuide publishes an updated super checklist for beginner readers. More advanced checklists will follow in coming months. Use this list as a kick-start for your 2016/2017 super resolutions. … [Read more...]

The short story on super contributions limits (2016/2017 year)

You can make two types of superannuation contributions – concessional (before-tax) contributions and non-concessional (after-tax) contributions – and each type of contribution has a separate limit. Concessional contributions Before-tax contributions, such as compulsory Superannuation Guarantee … [Read more...]

After-tax super contributions: Beef up using a bring forward

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the proposed $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual … [Read more...]

Accessing super early: 14 legal ways to withdraw your super benefits

Many Australians are facing hard times, especially with structural change transforming our economy. The harsh reality is that mortgage repayments and everyday living expenses continue even when you suffer redundancy, illness or other forms of misfortune.We receive hundreds of emails from our 2 … [Read more...]

Super for beginners: 14 monkeys stop women creating a dream retirement

For so many women, the needs of other people usually come first — children, partner, parents, friends and even workmates. Often, for a woman to think about her own needs, she has to face a health challenge, financial stress or a relationship breakdown.Too dramatic, perhaps? I don’t think so. The … [Read more...]

Latest retirement deal! Lose Age Pension, receive Seniors Health Card

The stricter Age Pension assets test has now become law, although the changes won’t take effect until January 2017. The federal government predicts that more than 300,000 Australians will be worse off under the harsher assets test starting from 1 January 2017, with nearly 100,000 Australians losing … [Read more...]

Non-concessional contributions: Tread carefully when aged 63 or 64 or 65 (3 Q & As)

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual cap … [Read more...]

Super contributions: Turning 65 part-way through the year

SUPER ALERT! On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer issued a joint media release announcing that the $500,000 lifetime cap on non-concessional contributions is now scrapped as a policy and will be replaced with an annual cap … [Read more...]

For over-65s: Ten tips when making super contributions (for 2016/2017 year)

You can make voluntary superannuation contributions up to the age of 74 (that is, before you turn 75), and these can be concessional (before-tax) or non-concessional (after-tax) contributions. If you’re aged 65 or over, then you must satisfy a work test, if you intend to make super contributions. … [Read more...]

Making super contributions: Aged 65 years or older

Q: From reading SuperGuide articles, I can see that for people between 50 and 74 years, the concessional contribution cap is $35,000 a year, and that for non-concessional contribution, the cap is $180,000. Is this $180,000 cap for NON-concessional contribution the same regardless of the age of the … [Read more...]

Temporary concessional contributions cap for over-50s, ends 30 June 2017

In July 2013, the federal government introduced a temporary concessional contributions cap of $35,000 for over-60s, which was then expanded to 50-somethings from July 2014. The over-50s cap of $35,000 will no longer apply beyond the 2016/2017 year (subject to legislation).A concessional … [Read more...]