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...]
Effective from 2013/2014 year, the ATO supervisory levy for self-managed superannuation funds is set to jump again, increasing to $259 a year. The Government announced this levy hike as part of the 2012/2013 Mid-year Economic and Fiscal Outlook (MYEFO), released on 22 October 2012. You can also … [Read more...]
Q: For a taxpayer aged over 50, can a total contribution of $175,000 this year (150K non concessional and 25k concessional) and a total contribution of $475,000 next financial year (450k non concessional and 25K concessional) be made without attracting penalty tax? A: The short answer is … [Read more...]
Under the superannuation rules, the annual superannuation contributions caps were designed to be indexed in line with movements in average wages. Wages have obviously increased since July 2007 (when the new contribution rules were introduced), but since July 2007, the concessional (before-tax) and … [Read more...]
For the 2011/2012 year, the ATO supervisory levy for self-managed super funds has increased from $180 to $200. The levy hike is an 11% increase from the previous financial year, and a massive 400% increase from the ATO levy that was payable 5 years ago. In the 2012 Federal budget, hidden in the … [Read more...]
On 8 May 2012, Federal Treasurer Mr Wayne Swan released the 2012/2013 Federal Budget promising to deliver a $1.5 billion surplus. Mr Swan announced the following superannuation-related changes: Super contributions surcharge for high-income earners. Doubling of the contributions tax to 30% … [Read more...]
Until June 2009, Australians aged 50 years or over were permitted to make up to $100,000 a year in concessional contributions. In the May 2009 Federal Budget, the ALP government halved the concessional cap to $50,000, and then in the May 2012 Federal Budget, the over-50s concessional cap was halved … [Read more...]
The 2012 Federal Budget has introduced further changes to the super rules, which we cover in other articles on this website. 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 … [Read more...]
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. The tax discount policy was intended to allow Australians to claim a 50% tax discount for the first $1,000 of interest they earn, including … [Read more...]
Note: SuperGuide will be updating this article regularly as new information becomes available on what this new superannuation surcharge means for those directly affected, and how the costs of administering the super surcharge will be spread across all super fund members. Article last updated on 9 … [Read more...]
