Case studies: Am I eligible for the Age Pension?
Around 80% of retired Australians receive a part or full Age Pension which means most Aussies considering retirement will need to understand how the Age Pension rules operate. This article contains three case studies illustrating how the Age Pension works in practice.
Federal Budget May 2012: At a super glance
On 8 May 2012, Federal Treasurer Mr Wayne Swan released the 2012/2013 Federal Budget promising to deliver a $1.5 billion surplus.
Another super con: Over-50s contributions cap removed
Until June 2009, Australians aged 50 years or over were permitted to make up to $100,000 a year in concessional contributions. In 2009 the ALP government halved the concessional cap to $50,000, and then in the May 2012 Federal Budget halved it again to $25,000.
Remember earlier Swan attack – freeze contributions caps and halve co-contributions
In this article, we explain the super changes the government snuck through in November 2011 although Federal Treasurer, Wayne Swan, may be hoping that we forget his earlier tinkering with the super rules.
Swan backtracks again on tax discount for savings products
In the May 2010 Federal Budget, the Government announced a tax discount on interest income derived from savings products, to take effect from 1 July 2011.
For your convenience: Income tax rates for the 2012/2013 year
In July 2011, the federal government announced the introduction of a carbon tax on Australia’s biggest polluting companies. According to the government, more than half of the revenue raised from the carbon tax will be redirected to Australians in the form of tax cuts and a Clean Energy Supplement.
Super stupid! Super tax for rich will hit everyone
The Federal Government has announced that anyone earning more than $300,000 will pay 30% tax on concessional contributions paid into a super fund, doubling the super tax bill for high-income earners. The current contributions tax is a flat rate of 15%.
Oh dear! Only 3% of financial plans are ‘good’
In what must be one of the more embarrassing (and unacceptable) situations for the financial planning industry, a study was released in late March 2012 that found only 3% of financial plans were considered ‘good’.
Setting a retirement target: Living on more than $55,000
The most popular question about superannuation and retirement planning is, without doubt: How much money is enough?
Take note: Age Pension age increasing to 67 years
More than two years ago, in the May 2009 Federal Budget, the Government announced that the Age Pension age is set to increase to 67 years of age from 2023. This major change may have disappeared from the front pages of newspapers but it should be ‘top of mind’ for most Australians thinking about retirement.
A comfortable retirement: How much super is enough?
So, the big question is: how much money do you really need for your retirement? Lifestyle is a very personal thing —luxury living for one person is a modest existence for someone else.
