Superannuation News

Read our News section if you want to find out the latest developments and recent changes in super. If you haven’t already subscribed, why not consider subscribing to our free, monthly SuperGuide email newsletter which includes the latest important news on super, easy-to-understand explanations on how different super rules works, Q&As and plenty of super tips.

Set out below are all SuperGuide articles explaining Superannuation News.

Tax-free super for over-60s, except for some

If you withdraw your super benefits after you turn 60 years of age, you can expect to pay NO tax on those super benefits, unless you are a member of certain public sector super funds (see summary table at the end of this article).Due to the large number of emails I receive on this topic, I’ll … [Read more...]

Medicare Levy increase helps pay for NDIS

The National Disability Insurance Scheme (NDIS) became a reality when the former ALP federal government managed to secure a deal with state governments that results in a guaranteed financial contribution sourced directly from taxpayers (increases in Medicare levy), and promised contributions from … [Read more...]

Liberals slow down SG increase until July 2025

Note: Effective from 1 July 2014, the Superannuation Guarantee rate increased to 9.5% (from the 9.25% that applied for the 2013/2014 year). Due to recent changes in the law, the SG rate will remain at 9.5% until June 2021, increasing to 10% from July 2021, and eventually to 12% from July 2025. See … [Read more...]

No income tax cuts for 2015/2016 year

Planned tax cuts for the 2015/2016 year were killed off in 2013, even though average income earners are rapidly moving into higher tax brackets due to ‘bracket creep’. Even if income tax cuts are a dead duck in the short term, by failing to regularly index the marginal income tax rate thresholds in … [Read more...]

A quick summary: 2015/2016 Mid-Year Economic and Fiscal Outlook (MYEFO)

On 15 December 2015, the federal government released the 2015/2016 Mid-Year Economic and Fiscal Outlook (MYEFO), which was jointly presented by federal treasurer, Scott Morrison and minister of finance, Mathias Cormann. Speaking to the media and to the public, the ministers announced that the … [Read more...]

Why a $11,000 contributions cap is a silly idea

The federal government, various think tanks and business groups are obsessed with superannuation tax concessions and the need to fix the budget by cutting those super tax concessions. While the tax tango continues, we also need the government and the super industry to become obsessed with the bigger … [Read more...]

SMSF pension payments: A little bit under may be OK

SuperGuide often receives questions from readers asking what happens if they don’t withdraw the minimum pension amount required to be paid each year from their pension account, especially when the underpayment is due to an honest mistake, or due to circumstances beyond their control.Before … [Read more...]

Higher concessional contributions cap applies to over-50s

Q: Do you need to be aged 50 at July 1, 2015, or could you turn 50 any time in the 2015/2016 year to take advantage of the $35,000 concessional cap?A: For the benefit of other readers, we will first explain the background to the over-50s cap.On 5 April 2013, the federal government announced … [Read more...]

Temporary concessional contributions cap applies to over-50s

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.Since July 2014, individuals aged 50 years or over can utilise a higher temporary concessional contributions cap of $35,000. … [Read more...]