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...]
Note: Click here if you are looking for the latest Age Pension rates When you start a superannuation account-based pension you must withdraw a minimum amount each year, based on your age and size of your account balance, to enable the earnings on your super pension account to be … [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...]
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...]
If you earn less than $37,000 a year, and your employer makes concessional (before-tax) superannuation contributions on your behalf, then you can expect a refund of the contributions tax deducted from your super account, paid directly to your superannuation account by the Federal Government. The … [Read more...]
The federal government must reduce the minimum pension payment required to be withdrawn from super pension accounts to at least half of the usual rate. By reinstating the pension relief to 50% of the usual minimum payment, the Government can help retirees to meet minimum pension payment … [Read more...]
UPDATE: In the May 2012 Federal Budget, Treasurer Wayne Swan, and Minister of Superannuation, Bill Shorten, have broken their promise about extending the over-50s concessional contributions cap. The over-50s concessional cap has been halved to $25,000 for the 2012/2013 and 2013/2014 years. For more … [Read more...]
In September 2010, I published a to-do list of 16 major superannuation issues needing action by the Federal Government post the Federal election. I published this list in the form of a public memo, as a helping hand for the newly appointed Minister of Superannuation, Bill Shorten. Sadly, progress … [Read more...]
Q: I was born in May 1961 (turning 50 in May 2011). Can you explain which financial year I am considered to be over 50 in relation to the $50,000 concessional contributions cap? Answer: For the benefit of other readers, I will first explain the concessional (before-tax) contribution rules for … [Read more...]
Dear Mr Shorten Congratulations on your appointment as Assistant Treasurer and Minister for Financial Services and Superannuation. You have a busy few years ahead of you and the team at SuperGuide are here to help you make the right policy decisions for the financial security of millions of … [Read more...]
The Australian Labor Party’s superannuation and retirement policies are reasonably well-known: the ALP have been in pre-election mode since the Government announced its response to the Henry Tax Review on 2 May 2010, and then confirmed the ALP policies in the 2010 May Federal Budget. Some of … [Read more...]
Update: The relevant regulations extending the pension payment relief for the 2010/2011 year are now in place. For verification, see Schedule 7 of the Superannuation Industry (Supervision) Regulations 1994. Finally, we have some good news for those retirees struggling to recoup savaged … [Read more...]
In the May 2010 Federal Budget, the Government announced that the ATO would have discretion to deal with Australians who exceeded contributions caps, but... wait for it... only from the 2010/2011 year. Come on guys! Show some compassion and political sense, and make a retrospective change to this … [Read more...]
Although superannuation savers have generally done well from the Federal Government's Henry Tax Review announcements, and the May 2010 Budget, hidden away in the detail of the Budget announcements is a shocker. Mr Rudd and Mr Swan have frozen the indexation of the income threshold for … [Read more...]
For SMSF investors, one of the more significant Federal Budget announcements is a move intended to boost business lending competition. According to the announcement, the Australian Securities and Investments Commission (ASIC) will permit listed entities meeting specific criteria to issue bonds to … [Read more...]
