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...]
Bring forward rule: 10 facts you should know
I receive a lot of questions from readers seeking information about how the non-concessional (after-tax) super contributions rules work; in particular, how the bring-forward rule works. More recently I have received several emails from readers who have fallen foul of the bring-forward rules and … [Read more...]
Unrestricted access to super, sometimes
Q: I was an Australian citizen, age 37, and had been part of a super fund from about 1993/4. I left Australia in 2001. I see from your 12 legal reasons to cash your super article that I may be able to access my restricted benefit. You write: “Cease employment and have certain pre-1999 super … [Read more...]
Accessing super early: Permanent departure from Australia (6 Q&As)
This article contains 6 examples of the most popular questions received by SuperGuide from Australian citizens and Australian permanent residents departing Australia, and who are seeking to access super benefits before retirement. If you’re a temporary resident of Australia then check out another … [Read more...]
Accessing super early: Temporary resident of Australia
Q: My husband and I are getting ready to return home (USA) after living & working in Perth for the past 2 years. We came to WA on a 457 visa. My husband has a super fund & we were wondering if we can leave the money in his super until he reaches retirement age (i.e. preservation age). My … [Read more...]
Accessing super early: 12 legal reasons to cash your super
Many Australians are facing hard times but mortgage repayments and everyday living expenses continue even when you lose your job, or suffer illness or other misfortune. We have received many emails from readers asking when, and how, you can claim your super benefits, including whether you can … [Read more...]
Accessing super early: Serious illness or surgery
This article answers two questions from readers about whether you can access your super benefits early to pay for heart surgery (Question 1), or to pay for weight loss surgery (Question 2). Accessing super early for heart surgery Q1: I am 52 years old. I’m having heart surgery and won’t be … [Read more...]
Super contributions: Beef up using a bring forward
Q: Under the 2-year bring-forward of non-concessional contributions, if a person makes an after-tax contribution of $150,001 when age 64, can he continue to contribute the balance of the $450,000 anytime during the next 2 years without having to satisfying the work test? Answer: In this … [Read more...]
Super for beginners: Top 10 must-know facts
Four years ago, in January 2009, we launched the SuperGuide website, and since that time we have received thousands of questions, from our millions of visitors, on different aspects of superannuation. We try to represent as many questions as possible in the articles we publish, while also ensuring … [Read more...]
Do you fit the profile of a ‘typical’ SMSF trustee?
Note: We regularly update this article with the latest data on self-managed superannuation funds (SMSFs) issued by the Australian Taxation Office. This article contains the latest data available as at March 2013 (for data as at December 2012). The latest ATO statistics on SMSFs (representing SMSF … [Read more...]
SuperGuide checklist: 10 more ways to boost your super
Note: This article is the second in a series of special articles that SuperGuide will be publishing, designed to help SuperGuide readers more easily access the hundreds of questions and articles that we have published on the SuperGuide website. The first article in the series is Super Checklist: … [Read more...]
TRIPs: 10 interesting facts about transition-to-retirement pensions
Note: Since the concessional contributions cap was halved to $25,000 for over-50s (announced in May 2012, and effective from July 2012), anyone using the popular transition-to-retirement pension/salary sacrifice strategy, or considering using such a strategy, will need to review this strategy, … [Read more...]
Salary sacrificing and super: 10 facts you should know
Salary sacrificing, by making before-tax superannuation contributions, is a popular strategy for employees on middle-to-high incomes. The deal is that you increase your superannuation balance (and pay 15% contributions tax) while reducing the amount of income tax payable (up to 46.5%) on your salary … [Read more...]
Super checklist: 10 ways to save your super
SuperGuide receives hundreds of questions every week from Australians wanting to create a better life for themselves in retirement. The types of questions we receive include: how much super should my employer contribute each year, how much money is enough, how can I work out if I am in a good super … [Read more...]
Super contributions: Juggling two caps is not excessive
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...]
