You can expect some difficult conversations between employers and employees in coming months as some salaried employees discover that the Superannuation Guarantee (SG) increase of 0.25% (taking the SG rate to 9.25%) will not benefit those employees on fixed remuneration packages. I have heard that … [Read more...]
Note: This article provides a complete list of official, authorised MySuper products. This list will be updated regularly as new MySuper products are authorised by the Australian Prudential Regulation Authority (APRA). From 1 July 2013, super funds can offer a new superannuation product called … [Read more...]
Note: SuperGuide will keep you regularly updated on the superannuation policies announced by the major political parties, right up to when the federal election is held on 14 September 2013. From that date, we will then explore what the party in power has in store for us, in terms of superannuation … [Read more...]
From July 2013, eligible employees who are 70 years or older will receive Superannuation Guarantee (SG) payments from employers. The current SG rules stop SG entitlements when an employee turns 70 years of age. SuperGuide is proud to take credit for the positive influence that our regular … [Read more...]
In the May 2012 Federal Budget (rather than the 2013 Federal Budget), the Government announced that from 1 July 2012, anyone earning more than $300,000 will pay 30% tax on concessional contributions paid into a super fund, doubling the super tax bill for high-income earners. The regular … [Read more...]
In his response to the Federal Budget, Tony Abbott, the Leader of the Opposition announced that the Superannuation Guarantee increase set to take effect from 1 July 2013, will be frozen at 9.25% for 2 years, and the full increase to 12% will be delayed for 2 years. Of course, this announcement is … [Read more...]
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...]
For the 2012/2013 year, only one concessional (before-tax) contributions cap exists for all ages, and that cap is $25,000. Before July 2012, we had a concessional cap for under-50s and a concessional cap for those 50 years and over. From the 2013/2014 year, we will have a special concessional cap … [Read more...]
Next month’s federal budget will hit the generous superannuation tax breaks received by the very richest Australians. The target will be the highest one to two per cent of earners, with the government arguing that the cutback is necessary to keep superannuation concessions sustainable over the … [Read more...]
When we first launched SuperGuide just over 4 years ago, I wrote an article explaining why tax-free super in retirement is a non-issue for most women. The reason for making this statement, and which remains valid 4 years later, was that women, on average, have such low super account balances that … [Read more...]
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...]
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...]
If you believe the federal government’s public relations campaign, MySuper will deliver the equivalent of nirvana in superannuation – low fees, strong investment performance, financial security and a worry-free retirement. Pardon? You haven’t seen the government’s MySuper publicity … [Read more...]
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...]
Question: Your site says: “By starting a TRIP, you don’t have to retire to withdraw your super benefits. You can work part-time or full-time or even casually.” But on the TRIP form I have from my super fund it says I have to be permanently retired or be working part time. Which is correct? I … [Read more...]
