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...]
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...]
Does the Government’s co-contribution count towards my contributions cap?
Q: Does a co-contribution received after using up the total bring forward cap of $450,000 mean that an excess contribution has been made, or is the Government co-contribution excluded from the after-tax contribution cap? A: A superannuation co-contribution is a tax-free super contribution paid by … [Read more...]
Super for Beginners: 24 Q&As
Note: The Q&As listed in this article have been revamped and updated for the 2012/2013 year. One of SuperGuide’s more popular initiatives has been the development of a ‘Super for Beginners’ section that answers some of the many questions that we receive from those readers who are new to … [Read more...]
Super health check: 10 tips for your 2012/2013 retirement planning
Note: This article is current for the 2012/2013 year. At the start of each financial year, SuperGuide publishes an updated super checklist for readers. Use this list as a kick-start for your 2012/2013 super resolutions. You may not keep all of your resolutions, but if you do just a handful of … [Read more...]
Super for beginners, part 19: My employer has gone broke. What happens to my SG entitlements?
Q: My employer has suddenly ceased trading and despite appearing on weekly payslips, I and fellow employees find no super contributions have been made, in my case for over 12 months. What, if any recourse, do we have? If your employer has not paid your super entitlements into your super fund, … [Read more...]
Super for beginners, part 18: My employer hasn’t paid my SG. What can I do?
Q: What steps can I take to ensure my employer contributes all I’m owed to my super fund? I have been asking my employer for the last 3-4 months about putting my super contributions into my super fund, as they have not done so since I started working there about 1.5 years ago. I only realised that … [Read more...]
Super for beginners, part 14: Save tax – Supply TFN to your super fund
Here’s a tip that can potentially save you thousands of dollars. Check that your super fund has your tax file number. If you joined a super fund before July 2007, or started your current job before July 2007, then your fund may not have your TFN. Effective since 1 July 2007, when you give your … [Read more...]
Super for beginners, Part 1: I’m new to Australia – help me!
Q: I'm new to Australia and I have no idea where to start with my super in order to have the best outcome 40 years from now. So far, I have had my super spread between 3 industry super funds, as organised by temp employment agencies. I know this is not the way to continue, but I am not sure who to … [Read more...]
Cashing in on the co-contribution rules (2012/2013 year)
Note: The co-contribution rules for the 2012/2013 year are very different from the co-contribution rule applicable for the 2011/2012 year. For your reference and convenience, we have retained the 2011/2012 co-contribution rules at the end of this article. The Federal Government is giving away … [Read more...]
Your 2012/2013 guide to non-concessional (after-tax) contributions
Non-concessional contributions are more popularly known as after-tax contributions. You may even hear them called ‘undeducted’ contributions. Such contributions are subject to a contributions cap, which sets a limit on the amount of after-tax contributions that you can make in one year (1 July … [Read more...]
Federal Budget May 2011: At a super glance
On 10 May 2011, Federal Treasurer Mr Wayne Swan released the 2011/2012 Federal Budget. Although Mr Swan promoted the package of documents as delivering jobs and spreading the benefits of the mining boom to more Australians, the May 2011 Budget also delivered several superannuation measures … [Read more...]
2011 Federal Budget: What about super’s 4 forgotten issues?
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...]
Superannuation Guarantee: How do I find unpaid or lost super?
Q: I worked in a company in Perth in 2000. I left that job and returned to the east coast. As it was a new company they decided to pay super after 6 months and supposedly kept the funds in an investment account until then. When I arrived in the east I sent them the name of a fund I wished to have … [Read more...]
Cooper Review: Our Government’s four-pronged response
‘Stronger Super’ is the catch-cry heralding in the Federal Government’s response to the Cooper Review report on the superannuation system. On 16 December 2010, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, released the Government’s response … [Read more...]
