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

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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 have received about this topic … [Read more...]

Reminder: New penalties for SMSF trustees

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Effective since 1 July 2014, SMSF trustees can be subject to a suite of penalties, if they fail to properly adhere to the super rules. The explanatory memorandum that accompanies the new legislation, states that the new SMSF penalties, taking effect from 1 July 2014 will enable the ATO to “give … [Read more...]

Age Pension: Deemed income falls again with lower rates

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If you own financial investments and receive the Age Pension, or you hope to claim the Age Pension, then you need to be aware of a recent change to the deeming rates applicable to financial investments, and the annual change (every July) to the deeming thresholds for the Age Pension income test. … [Read more...]

Upper limit on SG contributions (for 2014/2015 and previous years)

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Note: This article explains the maximum superannuation contribution base for the 2014/2015 year, 2013/2014 year and previous years. The maximum superannuation contribution base is used to determine the maximum Superannuation Guarantee (SG) contribution that an employer is required to make under … [Read more...]

Financial System Inquiry: Super and retirement summary

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On 7 December 2014, the federal government released the Financial System Inquiry (FSI) Final Report, a 320-page document providing recommendations on five main themes. The FSI committee and secretariat received 6,800 submissions and held hundreds of stakeholder meetings. The FSI crew also met with … [Read more...]

Same-sex couples: your super rights explained

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The Australian parliament has decided that it was not the right time to allow same sex couples to marry, and more recently we have elected a Prime Minister who has publicly stated that he feels uncomfortable around homosexuals. We have a new government with a leader who is personally against … [Read more...]

Two-way traffic! Finally, one fund helps move super from NZ to Australia

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An Australian super fund is now accepting transfers from New Zealanders hoping to transfer their KiwiSaver accounts to Australia. Let’s hope that many more super funds follow, but in the meantime, WA Super is the only Australian super fund offering this service, and it is awaiting your KiwiSaver … [Read more...]

Liberals slow down SG increase until July 2025

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Note: From 1 July 2014, the Superannuation Guarantee rate increased to 9.5% (from the 9.25% that applies for the 2013/2014 year). Due to recent changes in the law, the SG rate will remain at 9.5% for 7 years, increasing to 10% from July 2021, and eventually to 12% from July 2025. See table near end … [Read more...]

Great news! Seniors Health Card income thresholds increased, finally

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Effective since 20 September 2014, the income test thresholds for the Commonwealth Seniors Health Card (CSHC) have increased for the time in 13 years. The new indexed income test thresholds appear later in the article. The CSHC is available to retirees who are not eligible for the Age Pension, … [Read more...]

Low-income earners enjoy super tax reprieve for 5 years

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Note: The Coalition government has been forced to extend the Low Income Super Contribution for another 4 years, in addition to the LISC applying for the 2012/2013 year. Due to parliamentary negotiations to secure passage of the repeal of the Mineral Resource Rent Tax, the LISC is now payable for the … [Read more...]